NEW DELHI: India has expressed its keenness to soon resume the long stalled negotiations for a free trade agreement with European Union (EU), the commerce department said today.
"In a meeting of the Chief Negotiators held today in New Delhi, India expressed desire to resume the free trade agreement, India- EU BTIA, as soon as possible," the department said in a tweet.
The negotiations for the free trade pact, officially dubbed as Bilateral Trade and Investment Agreement (BTIA), have been held up since May 2013 as both the sides are yet to bridge substantial gaps on crucial issues.
Launched in June 2007, the negotiations for the proposed BTIA have witnessed many hurdles with both sides having major differences on key issues like intellectual property rights, duty cut in automobile and spirits, and liberal visa regime.
Two-way trade between India and the EU dipped to USD 88.4 billion in 2015-16 from USD 98.5 billion in the previous fiscal.