According to a latest update Confederation of Indian Industries (CII), the EU-India Business Roundtable took place virtually to strengthen bilateral cooperation in the areas of climate, digital and healthcare and to support increased trade and investment. The business roundtable was organised in the margins of the EU-India Summit in Porto, Portugal, and with the support of the Portuguese Presidency of the Council of the European Union. Business strongly welcomed the step of Heads of State and Government to revive trade negotiations. A comprehensive trade and investment agreement would help in further deepening EU-India bilateral trade and investment ties.
BusinessEurope Director General Markus J. Beyrer stated that the relaunch of the negotiations of the Free Trade Agreement (FTA) is an essential step forward for both our economies. India and the EU will both profit from strengthening bilateral cooperation in the areas of climate, digital and healthcare, and from increased trade and investment. The EU is India's largest trading partner with about 11% of its total trade, worth around Euro 80 billion, and the EU is India's top foreign investor. Both sides should use this window of opportunity, based on our shared values, commitment to rules-based multilateralism, and benefit from mutual economic opportunities.
Confederation of Indian Industry Director General Chandrajit Banerjee noted that Indian industry, on its part, welcomes the announcement of resumption of formal negotiations on the India-EU trade deal at the India - EU Summit, and is ready to support the negotiations in any way possible. A pact on trade should benefit the EU with better access to a huge and rapidly growing market as well as help India access technology which could qualitatively upgrade the Indian economy.
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