India keen to renew proposed trade deal with European Union

India has agreed to a renewed push for the proposed trade deal with the European Union (EU) that has been stuck over key issues. The decision to find a way forward before the 15th India-EU summit, set to be held later this year, came on Thursday, as Prime Minister of the Netherlands, Mark Rutte began his 2-day trip to India.

Beginning in 2013, the proposed trade deal had completed 16 rounds of talks but negotiations had broken down in 2016 over India's position on a separate bilateral investment pact. This happened, even as both parties were unable to bridge the gap on crucial issues such as India's demand for a liberal visa regime and the EU remaining staunch on stricter intellectual property rights regulations as well as a duty cut for European automobile and wine exports.

"They leaders expressed support to the efforts of both sides to re-engage actively towards timely relaunching of negotiations for a comprehensive and mutually beneficial EU-India Broad Based Trade and Investment Agreement (BTIA) and agreed to explore opportunities for further cooperation that will be generated by the next EU-India Summit." the official joint statement released on Thursday after Rutte met Prime Minster Narendra Modi, said.

The negotiations had received a firm push during the visit of European Commission president Jean-Claude Juncker to India back in October, last year.