BTIA with EU high priority for India: Goyal

The proposed Broad-based Trade and Investment Agreement (BTIA) with the European Union is high priority for India, Commerce and Industry Minister Piyush Goyal said on Wednesday. "The BTIA with the EU is India's high priority. "We believe we have to work towards balanced, ambitious and mutually beneficial trade and investment agreements," the minister said.

The proposed Broad-based Trade and Investment Agreement (BTIA) with the European Union is high priority for India, Commerce and Industry Minister Piyush Goyal said on Wednesday. The BTIA is a kind of comprehensive free trade agreement being negotiated by the two sides. "The BTIA with the EU is India's high priority. We are hopeful also of working with the EU towards a free trade agreement possibly starting with a preferential trade agreement...," Goyal said. He was addressing the Diplomatic and Industry Leadership session on EU-India Collaborative Economic Growth. The minister said the EU is India's largest trading partner bloc and the second largest destination for Indian exports. The proposed trade pact between the two sides has been stalled since May 2013 as both sides have yet to iron out differences over several issues

India's exports to EU member countries stood at about USD 54 billion in 2019-20, while imports aggregated at USD 52 billion. Goyal added that removing barriers to trade between Europe and India is essential to move forward. "We believe we have to work towards balanced, ambitious and mutually beneficial trade and investment agreements," the minister said.