Prime Minister Shri Narendra Modi and Prime Minister of the Republic of Finland H.E. Ms. Sanna Marin held a Virtual Summit and discussed the entire gamut of bilateral issues as well as other regional and multilateral issues of mutual interest. The two leaders reviewed the ongoing bilateral engagements and expressed their desire to further expand and diversify the relationship across sectors such as trade and investment, innovation, education, emerging technologies including Artificial Intelligence, 5G/6G, and quantum computing. PM appreciated Finland’s leading role in clean and green technologies and noted the potential for Finnish companies to partner India’s drive towards sustainable development.

India wants to start negotiations on an investment deal with the European Union simultaneously with a trade agreement in a renewed push to boost bilateral ties with the trade bloc. Keen to accelerate investments, technology and capital flows from the EU, India wants the investment and trade deals to happen parallelly and independently. “Both the investment deal and trade deal will have to happen parallelly and independently. The EU has said it is ready to consider launching negotiations on a standalone investment protection agreement, which would increase legal certainty for investors on both sides. 

The key sectors which attracted the maximum of these inflows include services segment, computer software and hardware, telecommunications, trading, construction, automobile, chemicals, and pharmaceuticals. FDI equity inflows into India crossed the USD 500 billion milestone during April 2000 to September 2020 period, firmly establishing the country's credentials as a safe and key investment destination in the world. According to the data of the Department for Promotion of Industry and Internal Trade (DPIIT), the inflows during the period stood at USD 500.12 billion. About 29% of the FDI came through the Mauritius route. It was followed by Singapore (21 %), the US, the Netherlands, Japan (each 7%), and UK (6 %).

India has implemented several measures to facilitate trade, such as simplification of procedures and customs clearances for imports and exports, according to WTO. Geneva-based World Trade Organisation said that the other trade-facilitation initiatives introduced by India since 2015 include introduction of Indian Customs Electronic Gateway (ICEGATE); Single Window Interface for Facilitation of Trade (SWIFT); the Direct Port Delivery and the Direct Port Entry facilities; and the increased use of the Risk Management System (RMS). These points were part of the report of India’s seventh Trade Policy Review (TPR), which began on January 6 at the World Trade Organization.

The Union Commerce and Industry Ministry announced extension of the Foreign Trade Policy (FTP) of Government of India. The present Policy which came into force on 1st April 2015, was for 5 years and was extended thereafter upto 31st March, 2021. In view of the unprecedented situation arising out of the pandemic Novel COVID-19, which is persisting, the Government has decided to continue benefits under various export promotion schemes by extending existing Foreign Trade Policy by another six months i.e. up to 30th September, 2021 which will provide continuity in the policy regime. Similar extension is made in the related procedures, by extending validity of HandBook of Procedures.