Free trade pact to figure in India-EU summit talks today
10 Feb 2012
The proposed free trade pact is expected to figure prominently in the India-EU Summit in New Delhi today during the discussions on ways to boost relations in commerce and other spheres.
This is the first such Summit in India following the implementation of the Lisbon Treaty.
The India-EU Joint Action Plan which was adopted in 2005 and reviewed in 2008, but has been in a limbo, even though the 27-member EU bloc accounts for 14 per cent of India's foreign trade and is India's largest trading partner, with a trade volume of $107 in 2010-11.
The summit talks are being led by the visiting European Council President Herman Van Rompuy and European Commission president Jose Manuel Barroso and Prime Minister Manmohan Singh.
According to reports, the progress in the free trade agreement and the carbon tax issue are expected to figure in the summit besides discussions on ways to enhance two-way trade between India and EU.
The negotiations for 'bilateral investment and trade agreement' (BITA), underway since June 2007, are at present critically poised with the prevailing economic situation in Europe, the visiting delegation is keen for an early conclusion.