Free trade talks between EU and India to resume in Jan
Even in the absence of FTA between the EU and India, bilateral trade escalated to $97.6 billion (€72.5 billion) in 2014 from $31 billion (€28.6 billion) in 2003India and the EU are likely to resume discussions on bilateral free trade agreement (FTA) in January, senior EU officials have said. The EU's new ambassador to India, Tomasz Kozlowski, had earlier said that negotiations will take place next month, and a date is being organised for the next India-EU summit, which will be held in the first half of the next year. “The new talks will essentially be a "stock-taking" exercise following up the initial moves made at the November G20 meeting in Turkey, where EU leaders met with Indian Prime Minister Narendra Modi. The deal has effectively been placed on hiatus since 2013, after the EU restricted the use of 700 drugs tested in India,” according to the London School of Business and Finance. Even in the absence of the FTA between the two strategic global trade partners, the value of trade between the EU and India escalated to $97.6 billion (€72.5 billion) in 2014 from $31 billion (€28.6 billion) in 2003. Currently, India has a preferential trade status with the EU under the generalised scheme of preferences, but India’s trade regime and the regulations are "comparatively restrictive" for EU companies. India and the EU began negotiations for a comprehensive FTA in June 2007 and have been ongoing. If concluded, it would be one of the world’s most significant trade agreements, affecting the lives of 1.7 billion people, about 20% of the world population. For India, the FTA with the EU is of paramount importance as it covers bilateral commitment in trade in industrial goods, agricultural products, services, investment liberalisation, intellectual property rights and government procurement.
December 22, 2015 | 05:21pm IST
to success.