Brussels, EU: The 13th EU-India Summit, a one-day event, is happening again. A news in itself, as opined by a senior Brussels-based diplomat.
It is well-known that India has partnered up with EU, projecting on them as the country’s largest export stop and topping the charts as India’s numero uno trade and investment partner.
The summit will be focusing on its strategic partnership for the next five years, which India and EU, has maintained since the year of 2004.
Though with the United Kingdom stressing on the limitations, it has struck against the Indians and other non-EU professionals and with the rest of the EU states demanding India to notch down the ‘high’ duties on vehicles, some of the experts are expressing their doubts about achieving the goal of the Free Trade Agreement in the near future.
Prime Minister Narendra Modi will be having a discussion on the Bilateral Trade and Investment Agreement (BIT). The scheme was launched back in 2007 but got stagnant after facing an amount of inhibitions in its path.
While returning to the track of political tensions along the lines of commercial relationships, there is to be an amalgamation of ministers particularly belonging to this sector.
According to an EU note:
“India has embarked on a process of economic reform and progressive integration with the global economy that aims to put in on a path of rapid and sustained growth. However, India’s trade regime and regulatory environment remain comparatively restrictive.”
India still maintains substantial tariff and non-tariff barriers that hinder trade with the EU. In addition to tariff barriers and imports, India also imposes a number of non-tariff barriers in the form of quantitative restrictions, import licensing, mandatory testing and certification for a large number of products as well as complicated and lengthy customs procedures.”
The dignitaries- the president of the European Council Donald Tusk, the president of the European Commission Jean-Claude Juncker, the European commissioner for trade Cecilia Malmstrom and Mogherini, will be attending the summit where the recent Brussels attacks will be a point of discussion.
Finally, an evening on Wednesday will be dedicated to the issue of a diaspora by Modi, after which he will be departing for the Nuclear Security Summit at Washington DC. (Inputs from The Hindustan Times)