Formal negotiations on India-EU trade deal to resume next month: Sitharaman

The formal negotiations on both trade and investment agreements will resume at the Leaders' Meeting of India and EU on May 8 in Portugal, Finance Minister Nirmala Sitharaman said here on Tuesday.

She made the remarks during her virtual meeting with Portugal Foreign Minister Augusto Santos Silva.

"The Finance Minister stated that the resumption of formal negotiations on both trade and investment agreements at the Leaders' Meeting of India and EU on May 8, 2021, in Porto, Portugal would be a notable success for the Portuguese Presidency of the Council of the European Union," the Finance Ministry said in a tweet.

The Minister highlighted the significance of the high-level visits between both countries during recent years which resulted in the addition of several agreements and outcomes, "thereby transforming the historical relationship into a modern 21st-century partnership".

The ministry said in tweets that she lauded the excellent bilateral relations between India and Portugal with shared history, culture and people-to-people ties.

"The two democracies focused on boosting economic growth, investment, industry and innovation is also a testament to these shared values," she said.

Sitharaman also underscored the need to build on historic bilateral ties based on stronger economic and financial links befitting a 21st-century partnership built on mutual trust and equal commitment.

( With inputs from ANI )