Active Stocks
Thu Apr 18 2024 15:59:07
  1. Tata Steel share price
  2. 160.00 -0.03%
  1. Power Grid Corporation Of India share price
  2. 280.20 2.13%
  1. NTPC share price
  2. 351.40 -2.19%
  1. Infosys share price
  2. 1,420.55 0.41%
  1. Wipro share price
  2. 444.30 -0.96%
Business News/ Politics / Policy/  India, EU may resume FTA talks
BackBack

India, EU may resume FTA talks

Commerce minister Nirmala Sitharaman says there will not be any retrospective taxation

Commerce and industry minister Nirmala Sitharaman said India is the place to do business as the country has been witnessing GDP growth of over 5%. Photo: Pradeep Gaur/MintPremium
Commerce and industry minister Nirmala Sitharaman said India is the place to do business as the country has been witnessing GDP growth of over 5%. Photo: Pradeep Gaur/Mint

London: After a gap of almost 20 months, India and European Union (EU) are likely to resume talks for the proposed free trade agreement (FTA) to boost commerce and investment.

“We are keen and hopeful that at the next meeting (of India-EU FTA) there will be a positive result," commerce and industry minister Nirmala Sitharaman said at the 10th UK India Joint Economic Trade Committee (JETCO) meeting in London on Monday.

However, she did not elaborate on the date for the next meeting. Last time in May 2013, both sides failed to bridge substantial gaps on crucial issues, including data security status for IT sector.

Launched in June 2007, the negotiations for the proposed Broad-based Trade and Investment Agreement (BTIA) between India and the 27-nation European bloc has witnessed many hurdles with both sides having major differences on crucial issues.

The two sides are yet to iron out issues related to tariffs and movement of professionals but the EU has shown an inclination to restart talks.

Further, Sitharaman said there will not be retrospective taxation. “The government is committed....We want to provide simplified tax rule," she said, adding India is the place to do business as the country has been witnessing GDP growth of over 5%.

Referring to the World Bank report on ease of doing business, the minister said, “the assessment was based on period before May 2014. We have taken enough steps, made cutting edge decisions...the Modi government has removed the number of hurdles. More than 40 rules have been amended during the last eight months." India has been ranked at 142nd in this regard by the report.

The minister said the industry is looking forward to the budget to be presented by finance minister Arun Jaitley next month.

India’s investment in the UK has been quite upfront and they have been providing jobs there, she said, adding “We can see a lot of interest and I am sure this interest will translate into actual business."

There is a lot of interest and enthusiasm and British companies are keen to participate in the Bengaluru-Mumbai industrial corridor and also to engage in development of smart cities, the minister added. PTI

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Jan 2015, 09:32 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App