India-EU FTA talks in crucial phase
Times of India
India-EU FTA talks in crucial phase
By Surojit Gupta, TNN
26 April 2011
PARIS: Negotiations between India and the European Union (EU) for a Free Trade Agreement (FTA) have entered a crucial phase and contours of the deal have started to emerge but there are still some issues which need to be resolved, EU official say.
India and the European Union have concluded nearly 12 rounds of negotiations on the FTA and are expected to meet again in early May or June. Indian officials say both sides are making efforts to sign the deal within the current year.
EU is one of India’s leading trade partners and Indian exports to Europe have expanded over the years. Both EU and India expect substantial gain in their trade in goods and services from the FTA, negotiations for which were launched in 2007. New Delhi has also signed several bilateral trade agreements including with the Association of South-East Asian Nations (Asean), Japan and Korea and is discussing similar pacts with Malaysia and Thailand.
EU officials say the FTA is crucial for Europe at this juncture as it grapples with economic woes and a free trade deal with India would provide access to one of the fastest growing economies and markets. Both sides agree that the deal would be mutually beneficial.
EU officials hope that the India FTA would help trigger FTAs across Asia.
EU is discussing FTA with Vietnam and has concluded an FTA with South Korea. But at the same time, EU is committed to the multilateral trade process and would want an early conclusion of the Doha round of trade talks.
"The discussion between Indian and EU negotiators have entered a crucial phase. Coming weeks and months will see hectic talks but we are starting to see contours of the deal emerging," a senior EU diplomat who did not wish to be identified said.
(This correspondent was in Paris at the invitation of French Government)
