India seeks early outcome of India-EU BTIA
Italian companies are keen to invest in India in areas like financial services, renewable energy, infrastructure, transport development in railways, construction and the auto motive sectors.
As such it is time to put in place practical mechanism on the line of the working group on agriculture that has been set up to facilitate investment joint venture agricultural sector both countries, said Michele Geraci, Deputy Minister of Economic Development of Italy.
Geraci led the Italian delegation to the 20th Session of India-Italy Joint Commission for Economic Cooperation (JCEC) which was held on 26–27 February 2019 in New Delhi.
Commerce and Industry Minister Suresh Prabhu led Indian delegation to the JCEC.
Both Ministers reiterated that issues of market access for business and investment in both countries will be smoothened which will definitely have a positive impact on trade relations of both countries.
The Indian Commerce Minister reiterated that India is committed to an early and balanced outcome of India-EU BTIA (Broad-based Bilateral Trade and Investment Agreement) negotiations.
Speaking on the occasion, Prabhu highlighted the importance of Italy as a trade partner for India and said that Italy is India’s 5th largest trading partner in the European Union and 25th in the World during 2017-18.
Italy has inherent strengths in manufacturing, design and innovation and skills training while India has a vast pool of skilled human resources, competitive wage rates and an edge in sectors such as leather, gems and jewellery, auto components and textiles. There is an immense potential for Italian and Indian industries to have partnership and cooperation.
Prabhu informed that bilateral trade with Italy showed growth of 18.41% on the year to US$10.42 billion during 2017-18.
Exports to Italy registered growth of 16.47% to US$5.71 billion during the 2017-18. Imports from Italy also saw a growth of 20.84% to US$4.71 billion during the same period.
Total bilateral trade during first 10 months of the current year increased by 5.62% at US$9.02 billion with export decreased by 2.73% at US$4.53 billion and imports increased by 15.61% at US$4.49 billion.
Prabhu called for a concerted effort to promote and expand bilateral trade between the two nations.
India’s bilateral trade with Italy during 2015-16, 2016-17 and 2017-18 were US$8.30 billion, US$8.80 billion and US$10.42 billion, respectively.
Italy ranks 17th in FDI inflow in India during April 2000 to December 2018. It was US$2.72 billion. fiinews.com
