India, EU to conclude trade, investment talks by Oct-Nov

New Delhi, June 26 (IANS) India and the European Union have agreed to conclude negotiations for a bilateral investment and trade agreement (BITA) by October-November this year.

"After a number of rounds of negotiations, issues of concern to both sides have been identified. We must devote our energies to addressing these issues as expeditiously as possible," Commerce and Industry Minister Anand Sharma said after talks with EU Trade Commissioner Karel De Gucht in Brussels Tuesday.

"India is keen on a successful and balanced outcome of the negotiations at an early date," he added.

In their exchange, both sides put forth their views regarding the areas of mutual concerns.

Sharma emphasised that it is data secure and sought greater market access for Indian companies providing cross-border supply of services to the EU. He demanded that the EU ensure freer movement of Indian service professionals, including from the IT sector.

India also pushed for more access for the domestic industry and Indian agricultural products.

The European side put forward its concerns with regard to market access and patent issues.

Despite the eurozone crisis and the slowdown in the Indian economy, trade between India and the EU in 2011 rose to $108.8 billion from $83.46 billion in 2010.