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LATEST NEWS UPDATES | India-EU summit plans 'strict' road map for free trade pact by Amiti Sen

India-EU summit plans 'strict' road map for free trade pact by Amiti Sen

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published Published on Feb 2, 2012   modified Modified on Feb 2, 2012

The India-EU summit scheduled in New Delhi next week will lay down a 'strict' road-map for conclusion of the ambitious bilateral free trade pact and also strengthen cooperation in security. Commerce and industry minister Anand Sharma briefed Prime Minister Manmohan Singh on Wednesday on the progress made in the FTA negotiations and the areas that still need to be sorted out. 

"The PM was briefed on the status of the India-EU agreement and by when it could be reasonably expected to be concluded," a government official told ET. 

Both sides are expected to agree on working towards completing and signing the pact before the calendar year ends, the official added. "Both India and the EU were keen to end negotiations in time for the summit. Since it is clearly not happening, the next feasible time line seems to be before the year ends," he said. Prime Minister Singh, together with EU president Herman Van Rompuy and European Commission president Jose Manuel Barroso, are expected to announce a detailed road map for concluding the pact, officially known as the bilateral investment and trade agreement, at the summit scheduled on February 10. 

Negotiators from both sides have reached an agreement broadly on almost all issues, but "last-mile'' give and take still remains. India has agreed to reduce duties on automobiles and high-end liquor like Scotch, but the EU is still trying to persuade it to cut duties further on automobiles and also reduce taxes on wine. 

India, on its part, is trying to get steeper commitments on opening up of the services sector by the EU. It has been promised higher number of professional visas and removal of the restrictive labour market test by the EU.


The Economic Times, 2 February, 2012, http://economictimes.indiatimes.com/news/economy/foreign-trade/india-eu-summit-plans-strict-road-map-for-free-trade-pact/articleshow/11720881.cms


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