IN their next meeting to be held in New Delhi in May, India and the European Union are hopeful of ironing out the remaining issues coming in the way of a free trade pact.
Differences have been narrowed down after a successful meeting of officials in Brussels last week, which, in turn, has raised the chances of a deal being signed by July this year.
The unsettled, remaining issues include opening up of the automobiles and wines sector, and visas for Indian professionals.
The Commerce Secretary, Dr Rahul Khullar, who took part in the Brussels meeting, said only some last-mile issues remained, which were very delicate and would be sorted out in the end. "We are hoping to get something together by July," he said.
India and the EU are together formulating an ambitious free trade pact that provides for eliminating import duties on most industrial and agricultural goods, opening up of the services market and more liberal rules on investments.
The EU, comprising 27 members, is India’s largest trading partner, with bilateral trade touching Rs 75 billion in 2009-10. The pact is expected to boost two-way trade by 30 per cent.
Source : Exim News Service - NEW DELHI, April 17