India, EU agree to expedite talks on Broad-Based Trade & Investment Agreement

Prime Minister Manmohan Singh today said there were complex issues involved in the proposed Broad-Based Trade and Investment Agreement (BTIA) with the European Union but both sides had agreed to expedite discussions so that they could conclude a pact at the very earliest.

 

At a joint media interaction with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso after the 12th India-European Union (EU) Summit here, Singh said both sides had made considerable progress in the negotiations on the agreement.

 

"We seek solutions that are practical, mutually beneficial and acceptable to both sides," he said. India's trade with Europe had touched $ 107 billion in 2011.

 

This is the first India-EU Summit in India after the entry into force of the Lisbon Treaty and Singh said the discussions were "extremely productive and wide-ranging" and held in a "very cordial and friendly atmosphere".

 

He said India and the EU were strategic partners in a fast changing and complex world. The success of Europe’s political and economic integration is vital for global stability and prosperity, he said.

He said the EU leaders had informed him of the steps being taken by Europe to deal with the debt crisis in the Eurozone. 

 

"I conveyed to them our best wishes for an early and sustained recovery. Given our rapidly growing links with Europe, this is in India’s interest. Europe’s recovery is also essential for ensuring the recovery of the global economy and bringing back market confidence," he said.

 

Singh conveyed to the EU leadership the importance India attached to EU`s participation in India's growth agenda, including in infrastructure development, clean energy technologies, innovation, research and skill development. "Greater investment flows in both directions is a win-win proposition for both sides," he said.

 

He said the signing of a Joint Declaration on Research and Innovation Cooperation and a Memorandum of Understanding (MoU) on Statistical Cooperation today were forward looking documents which would further integrate the two economies. 

 

Singh raised with the EU leaders the issue of greater people-to-people exchanges and easier travel arrangements for tourism, businesspersons, professionals and other categories of travelers. The two sides agreed to continue their discussions on these matters. 

"India’s relations with the European Union go well beyond economic and commercial issues. We share common values of democracy, respect for civil liberties and the rule of law. We have healthy and frank exchanges on political and security issues of bilateral, regional and global importance," he said.

 

The Prime Minister said the India-EU Joint Action Plan which was adopted in 2005 and reviewed in 2008 was the template of their cooperation, and covered the entire spectrum of their relations. 

 

The two sides held substantive discussions on other areas of their engagement covering energy cooperation, science and technology, culture, counter-terrorism, piracy and cyber-security. They exchanged views on the situation in West Asia, with particular reference to Syria and Iran and developments in India's neighbourhood in Afghanistan and Pakistan. "We have a common interest in promoting stability in these areas," he said.

 

The two sides also discussed global challenges such as climate change, the global economic crisis and global governance reforms. 

 

"We would like to work with Europe at the forthcoming international conferences on Nuclear Security in Korea, the G-20 Summit in Mexico, the Rio+20 Conference in Brazil and Biological Diversity Conference in India," he said.

 

Singh said their discussions today reinforced his belief that India's partnership with the European Union would continue to grow in the coming years.

 

"India looks forward to working with the European Union on all issues. This is a partnership that will assume greater global significance in the years to come," he added.

 

NNN