Upcoming visit of German Chancellor Angela Merkel is expected to give a boost to bilateral trade ties in areas like clean energy with India as the two sides are likely to pick up the issue of stalled talks on India-EU free trade pact.
The EU Friday defended the banning of around 700 generic drugs tested by India's GVK Biosciences, asserting it was based on "scientific and not trade considerations" and voiced hope that a solution will be found after India deferred FTA talks with the bloc over the issue.
The European Union on Friday said it was confident of inking the long-pending free trade pact with India later this year as talks on most issues are "closed" except duty-related matters including on wine and automobiles.
A free trade deal between India and the European Union is unlikely before the 2014 general elections as the current government won`t be willing to make any unpopular compromises required to conclude the agreement, says a top diplomat from the grouping.
The proposed free trade agreement between India and EU is unlikely to move forward unless the insurance sector is further opened up by New Delhi, hinted a visiting European Parliament delegation Tuesday.
As the India and the EU negotiate a free trade agreement, a Parliamentary panel on Thursday cautioned against its early signing and asked Prime Minister Manmohan Singh to wait for the committee's report before finalising it.
Even as a free trade agreement with the European Union is hanging fire, a technology platform of the 27-member bloc has joined hands with Indian business associations to facilitate two-way trade between small and medium enterprises (SMEs).
The European Union has sought substantial reduction or even elimination of duties in export of its automobiles, wines and spirits to India as a "must have" in the free trade agreement being negotiated between the two sides.