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EU Comes A Step Closer To Clinching FTA With India

by Ulrika Lomas, for LawAndTax-News.com, Brussels

30 September 2008


The European Union (EU) announced on Monday that it has taken a major step forward in its plans to implement a Free Trade Agreement (FTA) with India.

Earlier this month, the European Parliament put pressure on the EU to finalize a trade deal with India by the year end. Currently, the EU is India's largest trading partner but both sides see potential for bilateral trade to double to EUR100bn.

The Indian Prime Minister, Manmohan Singh, has pushed for the introduction of the deal for over a year now, holding extensive talks with high ranking EU figures, whilst at the same time negotiating a deal with French President Nicolas Sarkozy in order to try and strike a similar trade deal with France.

Negotiations for the FTA have been a long time in the making, getting held up several times when lawmakers insisted upon campaigning for a comprehensive deal.

India also put the brakes on the completion of the deals by refusing to remove the tariffs which protect farmers from competition.

However, despite this issue, the plans were eventually sped up when it was realized that the implementation of an EU-India FTA would enrich other trade deals already put forward to the World Trade Organisation for negotiation.


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