India and the 27-nation bloc European Union (EU) on Thursday 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, 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 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 formalise it as early as possible … There is a commitment... and we hope it is finalised,” an external affairs ministry official said.
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 to the visit by Prime Minister Manmohan Singh to Brussels on an annual India-EU Summit 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 per cent of total tariff lines.
