India-EU FTA should be finalised fast: Denmark

KOLKATA: Denmark today said talks for free trade agreement ( FTA) between India and the European Union should be accelerated as it will benefit both the regions.

"It is important that the ongoing negotiations between India and EU should be accelerated. It is our belief that it will generate a lot of opportunities and benefit both the countries and its people. It will also help improve bilateral ties," Freddy Svane, Denmark's Ambassador to India, said.

Besides Denmark, the 27-member bloc EU consists of countries like Germany, France, Austria, Spain, Greece and Italy. They together form India's largest trading partner.

During an interactive session at the Indian Chamber of Commerce, Svane said free trade is the answer to development.

"We don't have any issues on outsourcing. We are a strong and ardent supporter of globalisation which means we want joint solutions from problems," he said.

The India-EU free trade agreement, officially dubbed as the Bilateral Trade and Investment Agreement (BTIA), seeks to sharply reduce tariffs on goods and liberalise services and investments provisions.

The talks for the agreement were to conclude in 2011 but differences between the two sides on the level of opening of the market has led to delays.

Praising the economic growth of India and its skilled manpower, the ambassador remarked, "no country in this world can survive without India."

Stating that they are looking for business opportunities in sectors like renewable energy, food processing and cold storage chains, Svane said Indian IT specialists are already driving Danish companies.