Welcoming India’s decision to withdraw high-value banknotes as part of its fight to root out black money, the European Union has said ridding the financial system of “black component” and bringing transparency will strengthen Indian economy and spur growth. EU is one of India’s leading trade partner and the two-way commerce in goods between India and the EU was USD 98.5 billion in 2014-15. By end of 2017, India’s trade and investment pact with 23 countries is likely to expire. Besides demanding significant duty cuts in automobiles, the EU wants tax reduction in wines, spirits and dairy products, and a strong intellectual property regime. On the other hand, India is asking for granting ‘data secure nation’ status to it by the EU.

Source: Hindustan Times November 13, 2016 09:01 UTC