India, EU hopeful of investment protection pact before year-end

New Delhi: India and the European Union Wednesday said they are hopeful of concluding an investment protection agreement before the end of this year.

Commerce and industry minister Piyush Goyal said he was hopeful that India and the EU would conclude an investment protection agreement before the end of the year but added that deadlines are not as important as the intention. EU trade and economic security commissioner Maros Sefcovic said the two sides share the goal to "do our utmost to do it by the by the end of the year".

"We are both engaged and are desirous of concluding an investment protection agreement at an early date. The teams continue to discuss various aspects," Goyal said after the third meeting of the India-EU Trade and Technology Council (TTC) meeting in Brussels.


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Sefcovic said, "We both are very much interested in increasing the flow of investment, both to India and from India to the EU... we are doing our utmost to deliver also on this goal."

Goyal also said both India and the EU are committed to de-risking their dependencies on certain critical areas.

"India-EU partnership is today poised to reach greater heights. The free trade agreement, the security and defence partnership and the mobility framework have been its key achievements this year," said external affairs minister S Jaishankar.

On issues around the EU's steel measures, Goyal said these were known before the free agreement was concluded. "The free trade agreement reflects an equitable and balanced outcome, which covers a wide spectrum of subjects, including steel. When you are negotiating, there are trade-offs. Looking at the sensitivities of different countries, we've been able to come to a very balanced outcome, including the steel measures," he said.