core sector communique

India- EU Broad-Based Trade and Investment Agreement Intensifying: Anand Sharma 

Ireland 32nd in FDI Approvals during April, 2000 - January, 2011 

Shri Anand Sharma, Union Minister of Commerce & Industry during the bilateral meeting with Mr. Richard Bruton Ireland, Minister for Enterprise, Jobs and Innovation, has expressed satisfaction that negotiations of the EU–India Broad-based Trade and Investment Agreement are intensifying with the 12th Round of negotiations scheduled for 31st March to 6th April, 2011 at Delhi, India is over. Shri Sharma said, “Both the sides committed to a balanced, ambitious agreement by 2011. It is hoped that this agreement will lead to increase in opportunities for market access in both goods and services for each other”.

Shri Sharma during the meeting informed that bilateral trade between the two countries touched US $ 525 million in the year 2009-10 compared to US $ 688 million 2008-09. During the interaction he said that, “Between the period April to December 2011 we see positive signs as exports from India to Ireland grew by 1.45 %(compared to the same period in the preceding year) thus indicating slight changes in the bilateral trade scenario”. Ireland ranks 32nd in FDI approvals during April, 2000 to January, 2011.. Total FDI inflows from Ireland are US $ 103.94 million during this period (in April–Jan 2010-11 the Investment flows from Ireland have been US $ 1 million.) The Minister confirm the commitment of the government to play the role of a catalyst to drive engagement at the business-to-business level and to provide and environment which promotes trade and investments.

The Commerce Minister conveyed the Government commitment to expand investment flows into India, especially in the infrastructure sector. He later informed that, Initiatives undertaken by India to attract foreign investment include virtual scrapping of the industrial licensing regime, allowing private sector in all fields of economy except atomic energy and railways transport. FDI policy in India is widely reckoned to be among the most liberal and investor friendly in the emerging economies.