India-EU businesses call for investment agreement

Helsinki, Oct 12 (UNI) India and the European Union (EU) must immediately enter into a broad-based trade and investment agreement in line with the WTO rules to improve market access and ensure non-discriminatory treatment to their companies in each others' markets, the seventh India-EU business summit has recommended.

In a joint statement issued at the end of the day-long summit, the two sides agreed that the main objective of the India-EU strategic partnership should be to promote more open, dynamic and growing India-EU economic relations.

The summit was earlier addressed by Prime Minister Manmohan Singh and his Finnish counterpart Matti Vanhanen, who currecntly holds the Presidency of the EU.

The business leaders from India and EU expressed concern on the prospects of the WTO negotiations after the suspension of the talks in Geneva in July. This could lead to the failure of the Doha Round, undermining the promise of economic growth.

They said the trade agreement between the two sides should address trade and investment barriers faced by companies on both sides. The agreement should be comprehensive covering -- progressive liberalisation of trade in goods, --comprehensive liberalisation of market access in services covering all modes of supply, --improving of investment market access and protection, --protecting intellectual property rights, --tackling regulatory cooperation, --dealing with trade facilitation, and --including discipline on government procurement.

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