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India, EU to speed up talks on trade pact
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SME Times News Bureau | 26 May, 2010
India and the European Union (EU) will fast-track the ongoing negotiations for a market opening trade and investment pact to reach an agreement within the next few months.
India's commerce secretary Rahul Khullar and European Commission's Director General for trade David O’ Sullivan Tuesday discussed trade in goods and services, matters relating to intellectual property rights and non-tariff barriers to trade.
"EU's expectation on high level of liberalisation by both sides was discussed along with India’s desire to have an agreement which reflects a balanced outcome, considering the difference in the level of development of India and EU," an official statement said in New Delhi.
The two sides also called for "intensified interaction" at the expert level in the weeks to come.
"It was also agreed that a ministerial-level stock-taking could take place at a suitable time in the near future after substantial progress has been made at the expert-level," it added.
Negotiation between India and the EU for a free trade agreement started in June 2007 covering a range of areas like trade in goods and services, customs cooperation & trade facilitation, dispute settlement, competition and IPR, etc.
The FTA which was aimed at removing or reducing import duties and making bilateral investment flow easy was to conclude in 2009.
India's trade with the EU has grown by 16 percent annually and now stands at $106.4 billion. As a bloc, the EU is India's largest trading partner.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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