India, EU likely to restart FTA talks on August 28, 2015

Source: PTI

After a gap of about two years, India and the European Union are expected to resume negotiations on August 28 on the proposed free trade agreement (FTA) to boost two-way commerce and investment. India's chief trade negotiator J S Deepak, Additional Secretary with the Commerce Ministry, and his European Union counterpart Ignacio Garcia Bercero will meet on August 28, an official said. "It would be a full-fledged round," the official said. No negotiations were held after both sides failed to bridge gaps on crucial issues in May 2013. The India-EU trade talks, formally known as the Broad-based Trade and Investment Agreement (BTIA), remain stuck as both sides are not satisfied with each other's offers. The talks were launched in June 2007 and have missed several deadlines. The 28-nation bloc has demanded tariff cuts in products such as wines, spirits and automobile, besides inclusion of labour-related aspects. It also wants liberalisation in services such as retail and legal. On the other hand, India is insisting on data-secure nation status and immigration quota from the EU. The status is crucial as it will have a bearing on Indian IT companies keen on market access in the 28-nation bloc. Indian auto industry is worried that any concessions would have an adverse fallout and impact 'Make in India' initiative. The two-way commerce between the two sides stood at about $99 billion in 2014-15.      

July 22, 2015 | 1:27 pm IST.