Economic pact with India to be sealed in 2 years: EU
The proposed economic cooperation agreement between India and the European Union (EU) will be sealed in the next two years, EU trade commissioner Peter Mandelson said on Friday.
By TNN |
NEW DELHI: The proposed economic cooperation agreement between India and the European Union (EU) will be sealed in the next two years, EU trade commissioner Peter Mandelson said on Friday.
The two sides have already started groundwork on the key pact which is likely to become India’s largest region trading agreement (RTA).
After detailed discussions with commerce & industry minister Kamal Nath here, Mr Mandelson said the next round of talks would take place on December 14 when the European director general of trade visits India. The proposed agreement would liberalise trade in goods, services and speed up investment.
Mr Kamal Nath also sounded optimistic on the proposed pact and pointed out that trade ties between India and EU was strong. He also pointed out that India and the EU were cooperating with each other at various global fora including the World Trade Organization (WTO).
Mr Mandelson indicated support from EU for India's in safeguarding interests of its subsistence farmers. With reference to WTO discussions, both sides are seeking a joint clarification from the US on how its farm bill would impact the troubled Doha Round of negotiations.
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"We are seeking clarification from the partner countries, particularly from the US, as to how the Doha negotiations will interact with next year's Farm Bill," he said while addressing the media jointly with Mr Kamal Nath."Special products (SPs) were designated to ensure the protection of livelihood for subsistent farmers," Mr Mandelson said at the joint press conference. India and the EU are also trying out work out ways to take WTO negotiations forward.
Mr Kamal Nath said India has brought up the issues of Services and Rules as well stating "there must be parallel movement in all the areas". The EU Trade Commissioner agreed and said that progress must be made in all the areas simultaneously.
For the proposed India-EU economic pact, the time period for completion of the negotiations and implementation would be shorter than any other trade pact that India has entered into so far.
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The proposed agreement would include goods, services, investment and a double taxation avoidance treaty. Indian service industry is expected to be a major beneficiary of the proposed agreement.Download
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