Antwerp: Ahead of the ministerial level talks between India and EU on the proposed free trade agreement, Commerce and Industry Minister Anand Sharma on Monday said much progress has been made and expressed the hope for early conclusion of the pact.
"Substantial progress has been made on all issues. I will talk to EU trade commissioner tomorrow. I remain optimistic that we will be able to conclude it soon," he said.
He said issues like reduction of duties on European wines, spirits and automobiles are on the table. "All these issues are on the table. Much progress has been made. Most of the issues stand completed," he added.
Sharma is leading a two-day high-level Ficci business delegation to Belgium. "The negotiations between two countries to reach an agreement is always complex. EU comprises of sovereign entities and therefore we recognise how difficult the talks can be," he said.
On opening up of services sector by the European Union member countries, the visiting minister said that movement of professionals are important as Indian service providers, particularly the IT sector, are doing a great job abroad.
"EU has to recognise that if India is an exporter of services, India is also a net importer of services. We are talking of services in IT, communication, banking, finance and other professions. Services remain important for us," he said.
India and the 27-nation EU bloc are negotiating Broad-based Trade and Investment Agreement (BTIA) since June 2007, but negotiators have not reached any breakthrough due to differences on several issues.
He explained that when the two sides talks about an ambitions agreement, it has to match ambitions of both the sides and both should benefit from it.
"In any such agreement that precision of meeting is impossible. We are realistic," he added. Further, he said domestic policy matters like opening of retail to foreign investment would not be part of the free trade agreements.
"When we negotiate a FTA, we don't negotiate national policies. Anything which is an executive or legislative decision of a sovereign state is not included in FTA negotiations," he said.
He was speaking at a press conference on the sidelines of Global India Business Meeting 2012 being organised by an international conferencing organisation Horasis in collaboration with Government of Flanders in Belgium, FICCI and others.
The two-way trade stood at $91.3 billion in 2010-11. A FICCI report said that trade is likely to more than double to exceed $207 billion by 2015, if the trade pact is formalised.
Further, Sharma proposed a joint initiative between Belgian and Indian diamond institutes and partnership between Antwerp Diamond Board and Diamond Board of India to increase cooperation in the sector.
Out of 12 diamonds which are produced, 11 pass through Indian hands, he said. "There will be an exchange programme under which experts will visit facilities in both the countries," he said.
Comments
0 comment