Trade talks between India and EU on last lap

Indischer Premierminister Singh in Berlin 2010The free trade talks between India and the European Union (EU), which started in 2007, were close to ending in a deal that would be the “biggest” free trade agreement (FTA) that the EU would have entered into, India’s Commerce Minister Anand Sharma said Wednesday.

“Every specific wish cannot be fully met..[but we are] almost there…on the last lap. We have to have a middle ground which makes it fair to both sides,” Sharma told CNBC in Singapore, adding that since April there have been regular meetings between the representatives of both sides and more are planned up to June.

The minister added that the conclusion of a “robust” trade pact between India and the EU will send a positive message to the world given weak investor confidence in the global economy.

“The state of the world economy is such, global trade is contracting, confidence levels are very weak. The conclusion of a robust India/EU trade pact will send a positive message to the world,” he added.

The euro zone debt crisis and poor economic growth in the region have acted as incentives for the EU to deepen its trade ties with India and gain access to a huge market. And for Asia’s third largest economy, a deal would help boost exports and attract the investment needed to reignite growth that has fallen back to around 5 percent.

According to Sharma, one of the “sticking points” in the talks was India not being accepted as a data secure country. “The U.S. accepts India as data secure…there is a lot of innovation taking place in India…a large number of companies have their security inscription codes done in India by Indian software engineers,” said Sharma.

Other important areas being negotiated in the Broad-based Trade and Investment Agreement (BTIA) include the opening up of the services, agriculture and automobile sectors in India and the EU.

However the minister added that “we should harvest whatever is already there, in terms of sound offers [from both sides] and benefit from it.”

Total trade between India and the EU stood at $94.43 billion between April 2012 and February 2013 and was $109.86 billion in the 2011-12 fiscal year, according to India media reports.

 

Source : CNBC dated 15 May 2013

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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