Press Trust of India / New Delhi Mar 17, 2009, 20:51 IST
India is willing to phase out duty on imports of 90 per cent of goods and services from the European Union, but demanded that the world's largest trading bloc should in return offer duty-free access to 95 per cent of the outward trade from the country.
However, the EU is not ready to give more concessions to India than it receives under the free-trade agreement (FTA) being negotiated by the two sides, an official said.
Negotiators from the two sides began intensive three-day deliberations here today on reaching the market opening pact.
New Delhi is seeking higher duty-free access for its goods and services in the 27-nation European bloc than it is willing to offer, contending the developing countries would need more space for protecting their vulnerable sections of economy than the rich nations.
The EU is India's largest economic partner with trade in goods worth about $79 billion and in services roughly $39 billion in 2008.
India's main exports to the EU include textiles, chemicals and machinery, while imports include machinery and transport equipment.
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