During the meeting, Sitharaman said that the resumption of formal negotiations on trade and investment agreements between India and the EU during the summit in Portugal on May 8 would be a notable success of the EU Council led by Portugal.
Finance Minister Nirmala Sitharaman said on Tuesday that the resumption of formal negotiations on the trade deal during the India-European Union (EU) summit next month would help in further strengthening the relationship between the two sides. Negotiations on the Free Trade Agreement between India and the EU have been stuck since May 2013. At that time, both sides failed to resolve differences on important issues including data security for the IT sector. Negotiations with the 27-member group began in June 2007.
During a bilateral meeting with Portugal’s Foreign Minister Augusto Santos Silva, Sitharaman said that the formal negotiations on trade and investment agreements will resume between India and the EU during the summit in Porto (Portugal) on May 8, led by Portugal. The Council will be a notable success.
Negotiations will be held regarding investment agreements
The Finance Ministry wrote on Twitter, “Finance Minister Sitharaman during the talks. Also stressed the need to build historical bilateral relations based on strong economic and financial contacts with mutual trust and common commitment.”
Relations between the two countries will be good
During the meeting, the Finance Minister underlined the importance of visiting each other at the top level between the two countries in recent years. This cleared the way for many agreements between the two countries and led to good results. This has helped to transform the historical relationship between the two countries into a modern partnership of the 21st century.
Help sought from World Bank and IMF
Earlier, amid the rising cases of COVID-19, Finance Minister Nirmala Sitharaman asked the World Bank Group to take care of the need to strengthen the loan repayment capacity of weaker countries. Urged to explore the possibilities of maintaining the measures taken. Sitharaman, while addressing the 103rd meeting of the IMF’s Development Committee through video conferencing, praised the active role played by the World Bank Group in providing vaccines to developing countries in timely and affordable rates. He said that the WBG played a role in doing this with the help of multilateral agencies like the World Health Organization and the Global Vaccine Alliance.
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