Hague, Oct. 27 -- Negotiations for an Investment Protection Agreement (IPA) between India and the EU are underway, Commerce and Industry Minister Piyush Goyal has said.
He also said some legal changes are required for an agreement on Geographical Indications (GIs) with the EU, which the ministry is going to introduce in Parliament.
"Discussions are underway on a bilateral investment agreement or the IPA, and for the GI pact, we need to make some legal changes," he told reporters here.
India and the 27-nation European Union announced the conclusion of negotiations for a free trade agreement on January 27, which is touted as "mother of all deals".
The EU is already a leading investor in India. About 6,000 European firms are present in India.
A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.
An IPA provides a framework to protect investments made by companies and investors in another country. It aims to ensure fair and non-discriminatory treatment, protect investors against unlawful expropriation and provide mechanisms for resolving investment-related disputes.
Such agreements help boost investor confidence, reduce policy-related risks and encourage cross-border investment by offering greater certainty and transparency in the host country's regulatory framework.
Similarly, a GI agreement between India and the European Union would protect region-specific products in each other's markets, helping prevent imitation and misuse of their names.
Published by HT Digital Content Services with permission from Millennium Post.