Mon, 03 Aug 2020

New Delhi [India], July 14 (ANI): EU is one of India's largest trading and investment partners but it has untapped great trade potential with India, sources said ahead of India-EU virtual summit on Wednesday and noted that the two sides have great potential to develop a comprehensive Foreign Trade Agreement.

They said the two sides have great potential to develop trade and economic relations.

The sources said the EU is one of India's largest trading and investment partner despite Brexit and the two countries have great potential to develop the trade relations further.

India and EU are expected to hold discussions towards a "balanced and comprehensive FTA" during the summit meeting on Wednesday.

"We have great potential to further develop a comprehensive Foreign Trade Agreement," the source said.

The leaders expected to start afresh on the issue which hit a pause button after intense negotiations that started 13 years ago.

The sources, however, said that there was "a trend in India which is protectionist" and New Delhi has maintained a protectionist stance on the services sector, tariffs".

The sources said India is also an important partner to fight environmental issues and laid stress on the need to diversify India- EU relations in energy cooperation to achieve climate neutrality.

They said India and the EU have to work towards securing peaceful use of nuclear energy. (ANI)

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