India, EU to expedite trade talks

However, timeline for a broad-based trade and investment agreement remains elusive

India and the 27-nation European Union (EU) on Friday vowed to “expedite” talks to conclude a trade deal, even as both sides missed yet another deadline to sign the ambitious broad-based trade and investment agreement.

India and the EU have been negotiating the deal since 2007. However, successful conclusion has eluded both sides, owing to issues like slashing of import tariffs on imported European cars and wines and relaxation of the European visa regime for Indian professionals.

According to European Council president Herman Van Rompuy, the talks made “substantial progress”. Though Prime Minister Manmohan Singh said the deal would be concluded at the “earliest”, he did not mention specifically when.

“Our trade with Europe has reached $107 billion in 2011. Both sides have made considerable progress in the negotiations on the broad-based trade and investment agreement. There are complex issues involved, but we have agreed to expedite discussions so that we can conclude an agreement at the very earliest. We seek solutions that are practical, mutually beneficial and acceptable to both the sides,” Singh said.

While the Bharatiya Janata Party said consultations were not conducted with political parties for a consensus, protests over generic drugs and patent issues were held in some parts of Delhi when the summit took place. The EU asked India to cooperate in bringing Iran on the negotiating table over its nuclear programme, even as New Delhi plans to increase trade with Teheran by not recognising the sanctions imposed by the US and the EU. “We will share...our deep concern on the Iranian nuclear programme, and will ask Prime Minister Singh to use India's leverage towards Iran to help bring Teheran back to the negotiating table,” Van Rompuy said. Singh said promoting stability in Iran, Syria, Afghanistan and Pakistan remained India's priority. “There are problems with Iran's nuclear programme. We sincerely believe this issue can be, and should be, resolved by giving maximum scope to diplomacy,” Singh said.

Both sides also signed a declaration on research and innovation cooperation and a memorandum of understanding on statistical cooperation.

“I raised the issue of greater people-to-people exchanges and easier travel arrangements for tourism, businesspersons, professionals and other categories of travellers. We have agreed to continue our discussions on these matters,” Singh said.