Business-Technology collaboration key for India-EU trade

The Commerce Ministry official asked the Ambassadors of the European nations, to ease their visa restrictions, if they feel it is important to engage with Indian businesses.

The Dollar Business Bureau EU-The-Dollar-Business The collaboration between business and technology transfer is a key element that drives the India-European Union (EU) trade, said a top Commerce Ministry official on Friday. Dammu Ravi, Joint Secretary, Foreign Trade (Europe), Ministry of Commerce and Industry, said, “Make in India will drive collaborations as European companies will start producing in India, as conditions are right for that to happen and to sell goods for global markets.” The Commerce Ministry official was speaking at the inaugural session of the ‘India-EU Business Conclave’, organised by the Associated Chamber of Commerce & Industry (ASSOCHAM), in New Delhi, on Friday. Speaking at the event, the official further said the businesses in India need to adopt technologies in order to remain competitive in the world markets and this is where, Europe has an advantage and we need those technologies for our businesses. Informing that the India-EU bilateral trade stands at $ 100 million and in the whole of Europe (beyond EU) at $ 150 million, the official raised concerns saying the trade has remained stagnant over a period of time. In an interaction with the ambassadors from various European countries like Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Finland, Netherlands, Poland, among others, the official stated that the Government of India hopes to sort out the issues in Broad-based Trade and Investment Agreement (BTIA) and Free Trade Agreement (FTA) with the European Free Trade Association (EFTA). The negotiations on these two important agreements will revive in the days to come and we will be able to sort out the issues concerning the two agreements, the official added. Raising concerns over access, movement of people, business visas, among other issues being faced by the Indian businesses in Europe, the joint secretary called on the ambassadors of the European nations to ease the visa restrictions, if they feel it is important to engage with Indian businesses.