Odisha News Insight

EU-India Trade and Investment Conference in September

Eu-India SummitThe European Parliament will host the annual EU-India Trade and Investment Partnership (TIPS) 2015 conference on Sep 30, organisers Europe-India Chamber of Commerce (EICC) said in Brussels Monday. The Belgian capital-based chamber said in a release that the conference theme will be “Changing Dynamics in EU-India Relations: Business and Strategic Implications in the Next Decade”.  “Based on the outcome of the TIPS 2014 and the issues raised during the Summit, the TIPS 2015 will take innovative steps and will see shift from our current model to a different format,” said EICC secretary general Sunil Prasad.

The summit will be organised in partnership with Eurochambers, and in collaboration with the Indian Chamber of Commerce and The Friends of Europe. The conference will invite some selected EU countries to showcase the potential for investment in their countries, the current state of business collaborations with India and how it can be improved further. The 28-member EU is India’s largest trading partner, accounting for roughly 15 percent of the total trade in goods and services. It is also the largest source of foreign equity inflows to India, accounting for over one-fourth of the total.

Despite several rounds of negotiations that began in 2007, the proposed EU-India Bilateral Trade and Investment Agreement (BTIA), covering trade in merchandise, services and investment, is still far from being concluded. India is seeking improved market access in services covering information technology enabled services (ITES), business process outsourcing (BPO) and knowledge process outsourcing (KPO), and movement of skilled professionals like software engineers. The country is also seeking a data secure status from the EU.

The EU’s demands include further liberalisation of FDI in multi-brand retail and insurance, and presently closed sectors like accountancy and legal services. The seven-month ban on Indian mangoes, imposed last year by the European Union, was lifted last week, well in advance of the deadline set for the ban which was originally till December 2015. (IANS)

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