The five Nordic countries of Denmark, Norway, Finland, Iceland and Sweden have pitched for a Free Trade Agreement (FTA) with India to increase business ties.
On Friday the 23rd of May 2014, some 1 000 people took to the streets in Helsinki (Finland) to demonstrate against the Trans Atlantic Trade and Investment Partnership (TTIP) negotiations, demanding immediate suspension of the negotiations and opening of the mandate.
With tax authorities pressing with over Rs 21,000 crore in unpaid dues, Finnish telecom major Nokia has invoked the Bilateral Investment Promotion and Protection Agreement (BIPA) India has with Finland to resolve the dispute.
Entangled in a protracted tax mess in the country, Nokia has said that it would like to address the issue under the bilateral investment treaty between Finland and India, sources told The Indian Express.
Finnish Minister for Foreign Trade Alexander Stubb blames special interests and bureaucratic obstacles for the delay in signing of the EU-India FTA.
Russia’s accession into the World Trade Organisation next summer will bring Finnish export companies annual savings worth up to hundreds of millions of euros. However, Finland has its sights already set on the next target: the establishment of a free trade zone between Russia and the European Union.
Finland’s Minister for Foreign Affairs Alexander Stubb has proposed a common free trade zone for the European Union and the United States and a kind of marriage counselling for the two.
Even as India works towards an India-European Union economic partnership agreement, bilateral relations with Finland need to be strengthened with greater contact between the people of the two countries, the Union commerce and trade minister, Mr Kamal Nath said.
The Finnish government said in a statement Wednesday that the European commission had brought legal action against Finland.
Under an investment treaty signed by Uruguay and Finland in 2002, Uruguay would have to pay heavy damages if it ordered the suspension of work on the Botnia factory.