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German Chancellor Angela Merkel and Prime Minister Narendra Modi. (Photo/ANI)
German Chancellor Angela Merkel and Prime Minister Narendra Modi. (Photo/ANI)

India, Germany to deepen efforts to resume stalled negotiations with EU on free trade agreement

ANI | Updated: Nov 01, 2019 23:56 IST

New Delhi [India], Nov 1 (ANI): India and Germany on Friday underlined their determination to enhance bilateral trade investment and agreed to deepen efforts to resume the stalled negotiations between European Union and New Delhi on the free trade agreement.
A discussion in this regard was held between Prime Minister Narendra Modi and German Chancellor Angela Merkel during the latter's ongoing three-day visit to India.
"Both sides confirmed the importance of a balanced Free Trade Agreement between India and the EU and agreed to deepen efforts to restart negotiations between the EU and India on the Bilateral Trade and Investment Agreement," a joint statement released after the meeting read.
The two leaders appreciated the sustained growth in bilateral investments. They welcomed the success of the 'Make in India Mittelstand' (MIIM) Programme which has helped facilitate over 135 German Mittelstand and family-owned companies with a declared investment of more than 1.2 billion Euros.
They also agreed to intensify efforts for an early conclusion of an investment protection agreement between the EU, the EU Member States and India.
India welcomed Germany's decision to reinstate its policy to grant investment guarantees for eligible direct investments by German companies in India as a means to deepen bilateral economic ties. The two leaders appreciated the work of the Fast Track mechanisms which have resulted in a stronger business confidence.
Both sides reiterated their strong support for a rules-based international trading system with the World Trade Organisation (WTO) at its centre. Against this backdrop, the two leaders underlined that all efforts should be made to restore the full functioning of the WTO dispute settlement system and reform the WTO without undermining its fundamental principles such as Special and Differential Treatment, consensus-based decision making and development objectives.
Both leaders acknowledged the successful work under the German Indian Startup Exchange Program (GINSEP) in promoting the exchange between both startup ecosystems.
They welcomed the continuation and strengthening of this important initiative via the new GINSEP programme as well as the introduction of a new German Accelerator (GA) programme "Next Step India", which could lead to a full GA programme for German Startups in India.
The leaders recognised the importance of building an efficient pool of skilled human resources for creating sustainable livelihood and opportunities for the youth.
Both sides expressed their willingness to intensify their efforts to bridge the gap between the demand and shortage of skilled workforce. In this regard, they expressed satisfaction at the on-going activities and welcomed the renewal of the Joint Declaration of Intent on cooperation in fields such as the establishment of cluster-oriented structures, curricula development, training of trainers and support for the development of Joint Training Institutes. (ANI)