India is negotiating a Broad-based Bilateral Trade and Investment Agreement (BTIA) with the European Union.
The negotiation started in 2007 and sixteen rounds of negotiations have been held so far. However, there has been no agreement reached in India-EU BTIA so far.
Ministry of Textiles is in constant touch with Ministry of Commerce and Industry in this regard, Minister of State for Textiles, Ajay Tamta told Lok Sabha in a written reply today.
Talks on the Bilateral Trade and Investment Agreement started in 2007 but progress has been tardy and marked by flip-flops. India is committed to proceed with the negotiations with a hope to conclude the FTA as early as possible.
The textiles industry has shown keenness on concluding the BTIA as EU and US remain the major textile and apparel products export destinations with 50% share of the Indian export in these items, Bureaucracy Today has learnt.
However, BREXIT and Indian Government’s announcement to review its existing and ongoing trade deals as there is a feeling that India has not gained much from its existing bilateral trade agreements has put question marks on the fate of India-EU BTIA.