India, EU step up efforts to reach FTA this year
20/04/2011 156
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Consumers in India and the European Union can hope for mutual imports of goods and services at significantly lower duties, as the two sides have intensified talks to reach a free trade agreement within this year.
In a meeting with Ireland Minister for Enterprise, Jobs and Innovation Richard Bruton Ireland here, Commerce and Industry Minister Anand Sharma said both EU and India are "committed to a balanced and ambitious agreement" within this year.
As many as 12 rounds of negotiations -- both in Brussels and New Delhi -- have been completed for reaching the FTA, officially named Broadbased Trade and Investment Agreement (BTIA). The two sides have been negotiating since 2007.
As much as 90 per cent of the bilateral trade in goods and services would be covered under the pact, by far the most ambitious by India so far.
April 18th, 2011
Source: ptinews.com
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