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India-EU FTA to be stitched up within this year
The HinduUnion Commerce and Industry Minister Anand Sharma on Monday said talks between India and European Union had been intensified in an attempt to stitch up a free trade agreement (FTA) within this year.
This was deliberated upon during the bilateral meeting Mr. Sharma had with the visiting Ireland Minister for Enterprise, Jobs and Innovation, Richard Bruton Ireland. "Both India and EU are committed to a balanced and ambitious agreement within this year," he said after the meeting.
As many as 12 rounds of negotiations have been completed for reaching the FTA since 2007, which is also known as the Broad-based Trade and Investment Agreement (BTIA). Officials said that almost 90 per cent of the bilateral trade in goods and services would be covered under the pact, by far the most ambitious by India. Besides, mutual policy and investment rules would also be relaxed. With bilateral trade in goods at euro 53 billion (in 2009) and euro 16 billion in services, EU is India's largest trading partner.
"It is hoped that this agreement will lead to increase in opportunities for market access in both goods and services for each other," Mr. Sharma said.
Differences persist on opening of the market by India on auto and auto components, wines and spirits and agriculture besides the EU demand for stricter enforcement of intellectual property rights by New Delhi. India has already signed FTAs with the Association of South-East Asian Nations (ASEAN), Japan and South Korea, while it is in advanced stages of negotiations for the same with individual members of ASEAN like Malaysia and Thailand.
Mr. Sharma and Mr. Bruton also reviewed the state of bilateral relations between India and Ireland. Bilateral trade was only $525 million in 2009-10, lower than $688 million 2008-09.
"Between April and December 2011, we see positive signs as exports from India to Ireland grew by 1.45 per cent," Mr. Sharma said.