India-EU FTA to affect various sectors: CAIT

NEW DELHI: The proposed India-EU free trade agreement ( FTA) would have an adverse impact on various sectors such as dairy, agriculture and pharmaceuticals as the pact offers maximum advantages to the 27-nation bloc, the Confederation of All India Traders ( CAIT) said today.

"The India-EU FTA will have an adverse impact on our economy and particularly on certain important sectors like dairy, automobiles, pharmaceuticals and agriculture as the FTA seems to be 'one-sided', offering maximum advantages to European Union to export their products in Indian market," CAIT National President B C Bhartia said.

India is in talks with its biggest trading partner EU since 2007 for liberalising commerce in goods, services and investment through an FTA.

Yesterday, a Parliamentary panel cautioned against its early signing and asked Prime Minister Manmohan Singh to wait for the committee's report before finalising it.

"It is a logical step and certainly in the right direction," CAIT Secretary General Praveen Khandelwal said.

Meanwhile, the Prime Minister today concluded his three-day visit to Berlin where both the sides have set a target of concluding the long-awaited pact, officially dubbed as Bilateral Trade and Investment Agreement (BTIA) this year.

On April 14, Commerce and Industry Minister Anand Sharma will meet EU Trade Commissioner Karl De Gucht in Brussels to take stock of the negotiations.