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India To Re-engage With EU On Free Trade Deal

by Ulrika Lomas, Tax-News.com, Brussels

24 March 2015


India's Commerce and Industry Minister, Nirmala Sitharaman, has said that the nation is ready to revisit talks towards a free trade agreement with the European Union, despite an earlier impasse on several issues that led to the talks being shelved.

In February 2013, the European Commission had reported that "the contours of a deal" were emerging, but "both sides need to go the final mile to put the package together." By then fifteen rounds of negotiations had been held since the launch of negotiations in 2007, and concerns were being raised that "painfully slow" progress was being made. Thereafter, it was agreed in May that certain issues could not be resolved, including negotiations on tariff reductions; data security standards, and in particular IT market access for India; and the free movement of persons.

Disclosing that India and the EU will revisit the talks, Sitharaman told reporters on March 23: "I have assured the EU ambassador and ambassadors of individual EU countries that we are ready to talk with the European community. They have been our traditional trading partners."

TAGS: tax | European Commission | India | export duty | import duty | trade | Europe

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