India-EU FTA talks at advanced stage

Negotiations on a comprehensive free trade pact between India and the European Union, which began in June 2007, have reached at an “advanced and delicate stage”, Parliament was informed today.

India is in talks with the 27-nation bloc, its biggest trading partner, for liberalising commerce in goods, services and investment through the bilateral Broad-Based Trade and Investment Agreement (BTIA).

“So far, 13 rounds of negotiations have been held...

Legal texts of the proposed agreement in all these areas have been exchanged and are under discussion,” the Minister of State for Commerce and Industry, Mr Jyotiraditya Scindia, said in a written reply to the Lok Sabha.

The areas covered under the negotiations include trade in goods, services, investment; technical barriers to trade; customs cooperation; trade facilitation and intellectual property rights, Mr Scindia said.

“Negotiations are at an advanced and delicate stage and both sides are moving towards finding a common landing zone, which meets the objective of a balanced and fair agreement,” he said.

The two sides, which registered $75-billion trade in 2009-10, expect to conclude the negotiations by the end of 2011.

India recently implemented a comprehensive free trade pact with Japan and Malaysia.

In another reply on the country’s rising trade deficit, the Minister said the Government and the RBI have been closely monitoring economic developments in the country and internationally on a continuous basis, with special emphasis on monitoring the performance of the export sectors.

“The merchandise trade deficit is partly adjusted by the trade surplus in services and the rest gets adjusted by remittances, FDI, FII and borrowings (both short and long term),” he said.

India’s trade deficit in 2010-11 stood at Rs 451,544 crore.

During April-June 2011-12, overseas shipments grew 45.7 per cent to $79 billion vis-a-vis the same period last year.

 

Share this:
Tags:

About Jessica Priston

Ut tellus dolor, dapibus eget, elementum vel, cursus eleifend, elit. Aenean auctor wisi et urna. Aliquam erat volutpat. Duis ac turpis. Integer rutrum ante eu lacus. Vestibulum libero nisl, porta vel, scelerisque eget, malesuada at, neque. Vivamus eget nibh. Etiam cursus leo vel metus. Nulla facilisi. Aenean nec eros.

  • Website
  • Google+
  • Rss
  • Pinterest
  • Instagram
  • LinkedIn
  • Vimeo
  • Youtube
  • Flickr
  • Email

Related News

  • Cashback site Cashkaro now offers restaurant discounts

    India’s e-commerce market looks large and lucrative enough from the outside, but insiders know it is very challenging. In fact, the number of e-commerce sites and businesses is growing so fast here today that the competition is cut-throat. This

  • What is Viscose Material? Advantage and disadvantage of viscose.

    Viscose is a unique form of wood cellulose acetate used in the nnmanufacture of a number of different products. This includes items for nnthe medical industry, though it is perhaps most common as a major nningredient in the production of the fabric r

  • Honda launches new CBR 250R bike
    Honda launches new CBR 250R bike
    July 01, 2014 5:50 am

    New Delhi: Honda Motorcycle & Scooter India (HMSI) launched a new edition of its global sports performance bike CBR 250R priced between Rs 1.56 lakh and Rs 1.86 lakh (ex-showroom Delhi). The 2013 edition CBR 250R is available for sale across a

  • Zara has opened store at Ambience mall, Gurgaon

    Zara, has opened its new store at Ambience mall, Gurgaon. Spread over 28,000 sq.ft. across two floors the store has taken the space earlier occupied by Debenhams. With this Zara now has twelve stores in India. It is present in 86 countries with