India and Germany for resuming talks stalled by free trade pact with the EU

New Delhi, November 1 () India and Germany agreed to deepen efforts to resume stalled negotiations for a free trade agreement between India and the European Union (EU), a joint statement said on Friday.

The statement was issued after the meeting between Prime Minister Narendra Modi and

German Chancellor Angela Merkel here.

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 (BTIA), the statement said.

Negotiations for the pact have been delayed since May 2013, as both parties failed to close substantial gaps on crucial issues.

Launched in June 2007, the negotiations for the proposed BTIA have witnessed many obstacles with both parties that have large differences in key issues such as intellectual property rights, reduction of tariffs on cars and spirits, and the liberal visa regime .

Both parties also agreed to intensify efforts for a speedy conclusion of an investment protection agreement between the EU, EU member states and India.

With regard to the World Trade Organization (WTO), they stressed that efforts should be made to restore the full functioning of the WTO dispute settlement system and reform the organization without undermining its fundamental principles, such as special and differential treatment , decision-making based on consensus and objective development

For this, both countries will strive to make the next WTO Ministerial Conference in Nursultan, Kazakhstan, a success, he said.

The two countries also expressed their willingness to intensify their efforts to close the gap between demand and the shortage of skilled labor.

Both leaders welcomed the resumption of the meeting of senior officials of the Indo-German ministries of finance ... The most prominent issues in this year's exchange were, among others, the financial and insurance sector, as well as the challenges prosecutors derived from digitization, he added.

In addition, they encouraged their respective business enterprises to establish agreements for the joint development and co-production of commercial aviation in India, including the transfer of knowledge and technologies.

Recognizing that AI (artificial intelligence) will have a fundamental impact on the way the world lives and works in the coming years, the two leaders intend to work together to foster, encourage and develop cooperation in AI technologies and promote the innovation.

Germany and India agreed to work together to carry out joint bilateral and/or multilateral research and development activities on the development and use of AI, the statement said.

He said German and Indian digital companies will work together to improve the scope of market opportunities and bilateral investments.

The two sides stressed the importance of a rapid convergence of the initial ecosystems in both countries and welcomed the initiatives that allow entrepreneurs to exchange ideas and share projects. Germany and India agreed to consult each other to identify the best possible approaches to cybersecurity and also device methods to identify areas of mutual cooperation in this regard, he said. RR CS BAL