India and the 27-nation bloc European Union (EU) today vowed to expedite the talks to conclude a trade deal even as both sides missed yet another deadline to sign the much-ambitious Broad-Based Trade and Investment Agreement (BTIA) while failing to indicate a proper timeline.
India and EU had been negotiating the deal since 2007 and so far there have been 13 rounds of negotiations but things have failed to move towards a successful conclusion due to issues such as slashing of import tariffs on imported European cars and wines and relaxation of the European visa regime for Indian professionals.
“The goal is to try and formalize it as early as possible. There is a commitment to resolve this as quickly as possible and we hope it is finalized at an early date,” official spokesperson of ministry of external affairs told reporters here today.
He was referring to the ongoing visit of the minister of external affairs Salman Khurshid to Brussels where he met EU's High Representative for Foreign Affairs and Security Policy and the Vice President of the European Commission, Baroness Catherine Ashton.
The visit was seen as a precursor the visit by Prime Minister Manmohan Singh to Brussels an annual India-EU Summit there later this year.
“We are also committed to ensuring that we conclude our Free Trade Agreement as rapidly as possible,” an official statement issued by the Delegation of the European Union to India stated quoting Ashton.
The proposed trade pact with EU would result in removal of import duties on more than 90% of total tariff lines.
Earlier this week, commerce and industry minister Anand Sharma had also assured that India and EU is “on the verge” of signing the deal.
EU had been unrelenting on their demands for more tariff concessions in India’s auto sector, which has resulted in severe opposition from the auto manufacturers in India who protest that cheaper imports would into their industry resulting in massive job losses.
Similar problems have also risen with the wines and spirits sector. EU has also demanded for stronger implementation of the Intellectual Property Protection norms that might affect the country’s the generic drugs industry which exports almost 67% of its produce to other developing and poorer countries.
