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India and the European Union (EU) have inched closer to concluding the Bilateral Trade and Investment Agreement (BTIA) and have reached a clear understanding on the need for a ‘fine balance for meaningful expectations’ of market access on both sides.

At the Ministerial dialogue on the India-EU BTIA in Brussels yesterday, the two sides also sought complete understanding on a balanced package in services sector.

Commerce Minister Anand Sharma who led the Indian delegation at the meeting, held discussions with EU Trade Commissioner Karel De Gucht and Agriculture and Rural Development Commissioner Dacian Ciolos and reviewed progress on the BTIA.

‘The candid discussion between the leaders covered all the elements of the package. A clear understanding was reached that a fine balance needs to be arrived at for meaningful expectations of market access on both sides,’ an official spokesman said here.

The Brussels meeting was a follow-up to discussions between Prime Minister Manmohan Singh and German Chancellor Angela Merkel in Berlin last week, French President François Hollande and British Prime Minister David Cameron.

The next Ministerial Meeting will be held in June.



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