International
Renegotiation of BITA
India and the European Union (EU) are set to resume negotiations for a Bilateral Trade and Investment Agreement (BTIA). The talks have been suspended since 2013.
What is Bilateral Trade and Investment Agreement (BTIA)?
India and the EU expect to promote bilateral trade by removing barriers to trade in goods and services and investment across all sectors of the economy. The EU was India’s largest trading partner in goods 2019-20, ahead of China and the US, with total trade close to USD 90 billion.
With the signing of the BTIA , India and the EU expect to promote bilateral trade by removing barriers to trade in goods and services and investment across all sectors of the economy.
On 28th June 2007, India and the EU began negotiations on a broad-based Bilateral Trade and Investment Agreement (BTIA) in Brussels, Belgium.
However, the talks stalled in 2013 over differences on market access and movement of professionals. Now, India and the European Union (EU) are set to resume negotiations for a Bilateral Trade and Investment Agreement (BTIA).