India, France to hold finmin level talks to boost trade.

NEW DELHI: Pushing for India-EU trade pact to boost their economic ties, New Delhi and Paris today decided to hold finance ministry-level talks every year for promoting bilateral trade and investment.

After a meeting between Prime Minister Manmohan Singh and visiting French President Francois Hollande, the two sides in a joint statement emphasised on further expanding their engagements in trade and investment.

The two sides had a detailed and useful discussions on bilateral, regional and international issues of mutual interest, it said.

To expand trade and investment, they decided "to promote an ambitious and balanced Free Trade Agreement between India and the EU based on reciprocity and mutual benefit which will boost our bilateral economic relationship".

India and the 27-nation bloc European Union (EU) are engaged in talks for trade pact known as Bilateral Trade and Investment Agreement (BTIA) since 2007. The talks were to conclude in 2011, but differences between the two sides on the level of opening of the market have delayed the conclusion of trade negotiations.

The BTIA is meant to open Indian and European markets for trade in goods, services and investment.

The joint statement further said that India and France decided "to establish an annual bilateral dialogue between the two Finance Ministries on economic and financial issues".

Trade between India and France was valued at USD 8.89 billion in 2011-12.

In a statement, the Prime Minister said "both President Hollande and I agreed on the need to reinvigorate our bilateral economic engagement by harnessing the enormous synergies between our two economies".

India welcomes the appointment of a French Special Representative for the economic relationship with India, the Prime Minister said, adding, "We also look forward to the recommendations of the India-France CEOs Forum to energise our economic relations."

He said that the trade pact would open new opportunities for business and investment between India and France.

"I have requested President Hollande's support in ensuring an early conclusion of a balanced and mutually beneficial Agreement," he said.

The two leaders decided to facilitate and support investments from French companies into India and Indian companies into France which contribute to growth and employment in both countries, the joint statement said.

The statement also said that France will be the partner country for the 2013 Global Technology Summit to be held in New Delhi.


Source : economictimes.indiatimes.com