German Chancellor Angela Merkel and Prime Minister Narendra Modi have stressed on the importance of a balanced free trade agreement (FTA) between India and the EU and agreed to deepen efforts to restart negotiations on the Bilateral Trade and Investment Agreement (BTIA) while working together to restore the full-functioning of the World Trade Organization.
“Both sides reiterated their strong support for a rules-based international trading system with the WTO at its centre. Against this backdrop, all efforts should be made to restore the full functioning of the WTO dispute settlement system and reform the WTO without undermining its fundamental principles such as Special and Differential Treatment, consensus-based decision making and development objectives,” according to a joint statement issued by the two countries following the bilateral meeting between the two leaders on Friday.
Key trading partner
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