New Delhi, July 15 (KNN) Eyeing at closer coordination between India and European Union (EU), the two countries announced establishing of Investment Facilitation Mechanism (IFM). The mechanism will help facilitate EU investments in the country.

The agreement is an extension of the joint statement of the 13^th EU-India Summit that was held in Brussels earlier last year.  The mechanism is expected to work in favour of a fair, transparent and rule-based trade and investment ecosystem without protectionism.

For the functioning of the mechanism, the officials from both the countries will conduct high level meeting on regular basis to facilitate ease of doing business for the investors from the Union.  The steps would include identifying and implementing solutions to procedural impediments faced by the EU companies and investors.

Informing about the agreement Tomasz Koslowski, Ambassador of the EU to India said that the IFM is a significant step in strengthening the trade and investment relations between the two players.

Also Ramesh Abhishek, DIPP Secretary said that the ease of doing business has been the government’s flagship project and this initiative is another step in the direction.  He further informed that the project will act as an agency to enable single-window entry point for the EU companies in the country. (KNN/ DA)