10 bilateral deals in the pipeline

NEW DELHI: India is considering bilateral trade agreements with at least 10 potential partners which includes besides the EU and the Asean, the US and Canada, commerce & industry minister Kamal Nath has said.However, while the possible pacts with US and Canada are still being conceptualised, negotiations with others have already been launched and talks are said to be nearing conclusion.

The minister said there was a need to import more cement as there was a big gap between the demand and supply in the country. Speaking to the media at the Pravasi Bhartiya Divas organised by CII, Mr Nath said he favoured more cement import. This could imply that the zero duty on cement imports might continue for a while.

Commenting on India's firm position in the global economy, the minister, in his prepared speech, pointed out that as a trading nation, India was now firmly established at the top table of the World Trade Organisation (WTO), irrespective of the outcome of the Doha Development Round. Mr Nath said bilateral trade agreements are currently in the pipeline with at least ten potential partners ranging from Asean and the EU to the US and Canada. "Currently, our global economic engagement is $450 billion and we have a target to take it to $550 billion," he said.