International
The EU could benefit from negotiations on separate trade and investment pacts with India
The decision by India and the EU to rebuild the stalled bilateral trade and investment agreement (BTIA) in three separate agreements could favor the latter with its focus on having an investment pact with India after making a similar agreement with China .
At the first Indo-EU leaders’ meeting on Saturday, the two sides agreed to resume talks separately on trade, investment and geographical indications (GIs), which were previously part of the BTIA before talks collapsed in 2013 after six years. negotiations.
We agreed to resume negotiations for a balanced, ambitious, comprehensive and mutually beneficial agreement that would respond to current challenges. We agreed that to create the required positive dynamics for negotiations, it is necessary to find solutions to market access issues for a long time. We also agreed to start negotiations for an independent investment protection agreement. “We also agreed to start negotiations on a separate agreement on geographical indications, which can be concluded separately or integrated into the trade agreement, depending on the pace of negotiations,” according to a joint statement by India and the EU.
Following the Cairn and Vodafone tax disputes, the EU is under strong pressure from member states to conclude a high quality investment agreement with India that protects their investments in India and includes a strong mechanism for resolving investor-state disputes with which India is against, “a trade official affiliated with a government – run think tank said on condition of anonymity.
The EU had raised strong opposition after India unilaterally terminated its 57 bilateral investment treaties (BITs), including those with EU members. India unveiled a new BIT model in December 2015, aiming to replace its existing BITs and future investment treaties, as foreign investors decided on international arbitration alleging discrimination and citing India’s commitments to others. in bilateral treaties.
GI should have been part of a chapter of intellectual property. The EU has demanded automatic recognition of their GIs as alcoholic products and cheese. Most of India’s GIs are textiles and handicrafts, which the EU may not recognize. The EU will only recognize agricultural GI. If the deal is along the line of mutual recognition of other agricultural GIs, it is hard to see that India benefits. Our law does not have any provision for automatic recognition of GI by other countries. “Someone has to go through the application process at the patent authority,” he said.
However, a comprehensive agreement is difficult as negotiations could stall in many areas such as e-commerce, said Arpita Mukherjee, a professor at the National Institute of Public Finance and Policy.
“In this way, at least we can close some agreements, which can be implemented in the end,” she said.
Trade is now a more troubling issue than in 2013 when negotiations broke down, said Biswajit Dhar, a professor of economics at JNU. Previously, there was no political commitment on the part of the government to protect the industry. “Right now, there is a political commitment through initiatives such as Atmanirbhar Bharat and production-related incentive schemes (PLI),” he said.
The focus seems to be more on the process than on the substance, said a former trade secretary on condition of anonymity.
“Currently, this seems to be a political board to be seen to move away from inertia in trade agreements,” he said.
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