New Delhi: The European Union (EU) on Friday gave thumbs up to India's Goods and Services Tax (GST) saying the new tax regime would facilitate ease of doing business.


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Visiting EU leaders also welcomed India's efforts to promote economic and social development and expressed interest in participating in initiatives such as 'Make in India' 'Digital India', 'Skill India', and 'Start-Up India'.


"The EU closely follows Prime Minister (Narendra) Modi's economic reforms, including the historic introduction of the Goods and Services Tax (GST), which can facilitate ease of doing business and promotes market integration in India by realising a simple, efficient and nation-wide indirect tax system," a said India EU Joint Statement issued during India- EU Summit.


The 14th annual summit between India and the European Union (EU) was held here. India was represented by Prime Minister Narendra Modi. The EU was represented by Donald Tusk, President of the European Council, and Jean Claude Juncker, the President of the European Commission.


Modi appreciated the ongoing participation by EU companies in the flagship initiatives and called for their deeper engagement in India's developmental priorities.


The statement further said that the EU side encouraged the greater participation of Indian business organisations into the Enterprise Europe Network.


"The leaders noted the progress made on EU-India cooperation on resource efficiency and circular economy. Both sides agreed to enhanced cooperation and exchange of experience and best practices in the field of Intellectual Property rights (IPR) and public procurement," it said.


The leaders expressed their shared commitment to strengthening the Economic Partnership between India and the EU and noted the ongoing efforts of both sides to re-engage actively towards timely relaunching negotiations for a comprehensive and mutually beneficial India-EU Broad Based Trade and Investment Agreement (BTIA).


With regard to import tolerance level of tricyclazole in rice the relevant plant protection companies will be invited to present new scientific data in order for the European Food Safety Authority to carry out an additional risk assessment without delay, the statement said.


On this basis, the European Commission would expeditiously consider whether to review the above mentioned Regulation.


Both the sides also supported early institutionalisation of cooperation between the European Food Safety Authority (EFSA) and the Food Safety and Standards Authority of India (FSSAI) to focus on exchange of knowledge and expertise in the area of methodologies for data collection, risk assessment and risk communication.


Leaders welcomed the establishment of an Investment Facilitation Mechanism (IFM) for EU investments in India as a means to improve the business climate and hoped that the IFM will ease sharing of best practices and innovative technology from the EU to India.


"Leaders acknowledged that the 'Make in India' initiative may offer investment opportunities for companies based in the EU Member States," it said.


Further, the two sides reiterated the importance of reconciling economic growth and environment protection.


"They highlighted the importance of moving towards a more circular economic model that reduces primary resource consumption and enhanced the use of secondary raw materials," the statement added.


Leaders also reaffirmed their commitment to work together with all Members of the WTO to make the eleventh WTO Ministerial Conference a success with concrete results.