India, EU free trade pact to be concluded this year: Sharma

India today exuded confidence that negotiations for the proposed comprehensive market opening pact with the 27-nation European Union will conclude in 2011.

"We will definitely complete the talks this year," India's Commerce and Industry Minister Anand Sharma said here.

The talks for India-EU free trade pact, officially dubbed as Bilateral Investment and Trade Agreement (BITA), are expected to conclude before the forthcoming India-EU Summit later this year, an official added.

India and EU are negotiating the pact since 2007 but are not able to reach a consensus on the inclusion of intellectual property rights (IPR) and social issues like environment and labour standards in the proposed BITA.

"There are certain issues like child labour and IPR which we are trying to negotiate...," said Sharma, who is leading a business delegation of industry body Ficci.

India has been opposing the inclusion of these issues in free trade pacts or under the aegis of the World Trade Organisation, as there are other international fora to deal with non-trade matters.

Indian pharma companies and some non-government bodies have expressed concerns that inclusion of IPR in the proposed agreement would affect the sector's ability to produce and export low-cost drugs.

The country and its largest trading partner are negotiating the pact with the aim of increasing bilateral commerce that stood at $75 billion in 2009-10.

Earlier this month, European officials visited India to discuss technical issues related to the trade opening pact.

BITA will provide for liberalising trade in services, an area of strength for India that faces hurdles like visa problems in several EU member countries like Germany and Britain.

According to a report prepared by the Ficci, the pact will improve market access for goods and services.

It says that if the trade pact is formalised, India-EU trade is likely to more than double to exceed $207 billion by 2015.

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