India is negotiating bilateral trade and investment agreement with European Union.

New Delhi, Feb 11/Nationalturk – In what could be a good news for Indian economy, Indian government is negotiating bilateral trade and investment agreement with European Union.

“Indian government is presently negotiating a bilateral Board Based Trade and Investment Agreement (BTIA) with the European Union (EU), covering a number of tracks ranging from trade in goods to services,” India’s Minister of State in Ministry of Commerce and Industry Dr E M Sudarsana Natchiappan informed lawmakers in Lok Sabha, the lower house of Indian parliament.

He said so far fifteen rounds of negotiations have been held. “The last meeting in this regard was held in May 2013 in Indian capital New Delhi”.

If the bilateral trade agreement with EU is signed, it will be a big boost for Indian economy.

India has signed PTA with MERCOSUR

India has already signed a PTA with MERCOSUR (a trading block of Argentina, Brazil, Paraguay and Uruguay in South America region) in 2004. The Indian list contains 450 items and the MERCOSUR list contains 452 items.

The India – MERCOSUR PTA came into operation from  June 1, 2009.

“In recognition of growing importance of trade between India and MERCOSUR countries, through IBSA Declaration of 2006, it was agreed that the India- MERCOSUR PTA would be expanded by increasing the number of products to be covered for tariff concessions mutually agreed upon by each side,” Sudarsana said.

He said accordingly, the process of expansion of India-MERCOSUR PTA and extending it to include Venezuela since it has joined MERCOSUR group in July 2012 has been initiated.

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