FTA with EU on PM`s agenda, insurance cap a sticke
New Delhi: Increasing the insurance cap by India is virtually a "must" for inking of the long-pending India-European Union FTA, which has seen 15 rounds of negotiations since its launch in 2007.
Germany, a key EU-member, has also made it clear that a only a "comprehensive" broad-based Indian-EU Trade and Investment Agreement (BTIA) was acceptable and not a "partial" one. India has recently inked a selective FTA with ASEAN which excludes two countries--Philippines and Indonesia-- in services sector.
The India-EU FTA will be on the agenda during the talks between German Chancellor Angela Merkel and Prime Minister Manmohan Singh, who is travelling to Berlin on April 10 on a bilateral visit, German Ambassador Michael Steiner told reporters while asserting that both countries were in favour of early inking of the pact.
However, the pact is stuck with many EU countries insisting that India should raise the insurance cap from 26 percent to 49 per cent. These countries are also hoping that Indian Parliament during the second part of the Budget Session will look into the issue given the "small" window for inking FTA before India gets into election mode.
While the issues like duty concessions in automobile and wine and spirit sectors are on the way to be resolved with India agreeing to relax duties in these areas, the increase in the insurance cap is big "decisive" factor as the pact will not find support in the EU Parliament which has to rectify it.
Last month chief negotiators from India and EU met in Brussels and once again highlighted these issues.
Ahead of a meeting between Anand Sharma and EU trade commissioner Karl De Gucht in Brussels on April 15, both sides are trying to iron out the differences.
Significantly, one of the biggest Asian economies Japan has initiated the FTA with the EU recently and the US will start negotiations with the 27-nation European block in next few months which is also expected to impact India-EU FTA negotiations.
The EU is India`s largest trading partner with bilateral trade in 2009-10 aggregated to USD 75 billion.
More from India
More from World
More from Sports
More from Entertaiment
- One year of Modi govt: PM promises to fulfil aspirations
- DNA: Sikh man in New Zealand removed his turban to help injured kid
- Watch: Mumbai cops find new secret agents in housewives!
- Hundreds die as heat wave continues in India
- 2G scam: Ex-TRAI chief alleges Manmohan Singh had warned him to cooperate
- Pranab Mukherjee defends Bofors scam, says it was just a media trial
- DNA: AIIMS doctor removes both kidneys of minor, claims she had only one
- Growing medical negligence in Delhi's AIIMS
- Salman Khan attends sister Arpita's wedding reception in Mandi
- Zee Media's mega survey on Modi govt
- Zee Media Exclusive: Vidya Balan chats about 'Hamari Adhuri Kahani'
- Para athlete Deepa Malik complains of callous service by Air India
- Smriti Irani visits Amethi, promises to pay insurance money to 25,000 women
- One year of Modi govt: Amit Shah addresses media
- Mumbai Film City shoot-out: CCTV footage help police arrest assailants
- One year of NDA govt: PM Modi writes open letter to nation, promises to transform India
- World optimistic about India: PM Narendra Modi on 1 year of NDA govt
- MSBSHSE Class 12th HSC results 2015 to be declared at 1pm tomorrow
- Arpita-Aayush wedding reception: Salman Khan spreads love in Mandi, says `hum aapke hain`
- Bharatiya Janata Party lacks majority for Ram Temple, Article 370: Amit Shah
- Rahul Gandhi takes a dig at one year of Modi govt, wishes 'happy birthday' to 'suit-boot ki sarkar'
- AAP govt moves resolution against MHA notification: As it happened
- Heatwave kills 90 more in Andhra, Telangana; toll crosses 800
- UBSE Results 2015 (ubse.uk.gov.in): Uttarakhand 12th Result 2015 to be announced today at 11 AM
- Gujjars adamant on holding talks in Bayana; rail tracks remain blocked
- CBSE Class 10 Board Result 2015 (cbse.nic.in, cbseresults.nic.in) postponed?
- CBSE 10th result to be declared tomorrow
- CBSE Class X Board Results 2015 to declared tomorrow
- What couldn't be done in last 10 years, NDA govt did in one year: Smriti Irani in Amethi
- Check mahresult.nic.in for Maharashtra HSC Result 2015 to be announced at 1 pm on May 27