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    Portugal pushes for early conclusion of India-EU FTA

    Synopsis

    Portugal is also ready to be India’s bridge and gateway to the Lusophone world – Portuguese-speaking countries and territories, Dias pointed out.

    PortugalThinkStock Photos
    Bilateral trade has grown steadily and touched $812.34 million in 2016-17.
    NEW DELHI: Portugal is pushing for early conclusion of a free trade agreement between India and the European Union that will benefit growing New Delhi-Lisbon commercial ties and the Indo-EU economic and investment partnership amid the trend of protectionism elsewhere.

    “Portugal believes in free spirit of society and this translates into free trade and flow of investments,” Eurico Brilhante Dias, Portugal’s Secretary of State of Internationalisation, told ET during a visit to New Delhi last week. “India and Portugal can jointly show the world the way forward. Lisbon is pushing for early conclusion of Indo-EU FTA.”

    The election of Indian-origin Antonio Costa as prime minister of Portugal in November 2015 has energised bilateral relations, Dias noted. Portugal is also ready to be India’s bridge and gateway to the Lusophone world – Portuguese-speaking countries and territories, Dias pointed out.

    Portuguese is spoken by over 250 million people. More than 2% of India’s total trade is with the eight Portuguese-speaking countries across four continents – Portugal, Brazil, Angola, Mozambique, Sao Tome and Principe, Equatorial Guinea, Cape Verde, Guinea Bissau and Timor-Leste.

    During his visit, Portuguese enterprise Vision-Box launched its office in the Indian capital. The new regional office will support local challenges and accelerate the introduction of digital identity solutions and seamless travel technology in sectors such as smart travel and border control, smart government and smart cities.

    With India emerging as rapidly growing major economy and Portugal looking at key developing countries to enhance trade and investment since the economic crisis of 2008, both countries want to deepen their economic engagement. Bilateral trade has grown steadily and touched $812.34 million in 2016-17. Portuguese investments into India amount to $42.62 million.

    With Portugal and India sharing similar priorities in terms of boosting domestic economic growth, investment, employment, industry and innovation, there are several sectors where partnerships can be forged such as infrastructure (roads, ports, waterways), renewable energy, ICT (startups), water & waste management, agro-processing, tourism and hospitality.

    Major articles of export from India include cotton, fish & crustaceans, iron and steel, machinery and mechanical appliances, footwear, plastics, man-made fibres and organic chemicals. The major items imported from Portugal are machinery and mechanical appliances, electrical machinery and equipment, plastics and organic chemicals.


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