New Delhi: After concluding a free trade agreement, India and the European Union (EU) are working on the proposed investment protection and GI (Geographical Indications) agreements, Commerce and Industry Minister Piyush Goyal said on Friday.
He said that the trade pacts will open huge opportunities for businesses of both sides.
Following trade pacts with the UK, the European Free Trade Association (EFTA) bloc and the EU, India is now effectively connected to the entire European market, Goyal said at the India-Estonia Business Forum.
The minister is in Estonia for an official visit.
Estonia is a Baltic nation in Northern Europe, known for its advanced digital governance and innovation-driven economy. It is a member of the European Union, the eurozone, and the Organisation for Economic Co-operation and Development (OECD).
“We have already finalised a free trade agreement (with the EU). The next steps are two more agreements to come — the investment protection agreement and the GI agreement. Both of which are work in progress,” he said.
Talking about Estonia, the minister noted huge opportunities exist in multiple sectors such as education, defence, space, skill development and tourism for businesses of the two countries.
He invited investments from Estonia, stating that India has taken a series of measures to make the investment climate easy for investors.
“We have done a number of reforms in the past years — focus is on streamlining governance to make it easier to do business,” he said, adding India is also encouraging its industry to invest in technology and business around the world so that India can integrate with the developed world.
He said that the reform journey of the last decade has made India a long-term attractive investment destination.
In the last two decades, he said, India has attracted over USD one trillion in foreign direct investment at an annual run rate of USD 100 billion apart from investments in the stock market.
He added that India is also looking at social security agreements with different countries.
