- About bilaterals.org
- How to participate
- Key issues
- Texts of agreements
Call for speedy signing of India-EU FTA
IANS | Thursday Jan 10, 2013
Call for speedy signing of India-EU FTA
New Delhi, Jan 10 — Leading industrialists and members of government gathered here in a move to speed up signing of the free trade agreement between India and European Union (EU).
The meet to launch the India chapter of the Indo-European Business Forum (IEBF), a non-profit organisation to promote business between India and the 27-nation EU, was held Wednesday and included Minister of State for Commerce D. Purandeswari.
"The EU-India free trade agreement would help in creating jobs and investment opportunities, and will improve the living standard of people in both the regions," said G.P. Hinduja, managing director of Hinduja Group, who is on the advisory board of IEBF Wednesday.
As India’s largest trading partner, bilateral trade with EU in 2011-2012 stood at nearly $110 billion, up from $90.62 billion in 2010-11.
However, the proposed FTA has hit major stumbling blocks like the EU’s demands for raising the cap on foreign investments in the insurance sector and for decreasing tariffs across the auto segment.
Recently, Heavy Industries Minister Praful Patel said his ministry is agreeable to cutting duty on luxury cars imported from Europe as part of the proposed FTA with the EU. However, commerce ministry sources say that EU wants India to decrease tariffs on the entire auto segment.
There are other issues, for example, India wants European Union to bring down its non-tariff barriers. India also wants it to be declared as a data secure country so as to facilitate entry of Indian IT companies in EU.
Speaking on the occasion, Purandeswari described India as a growing giant that could no longer be ignored or marginalised in the global scenario.
"With a population of 1.2 billion, the Indian economy has become the third largest in Asia in terms of purchasing power parity. It is slated to be the fifth largest consumer market in the world by 2025," Purandeswari said.
"Our business houses are going global, and many more Indian businesses are making themselves visible across the world," Purandeswari added.
Mohit Burman, managing director Dabur India said an FTA with the EU would boost trade and technology transfer.
"The agreement would have advantages like technology and knowledge transfer, infrastructure development, improvement in supply chains, increased competitiveness and skill transfer, which will strengthen the Indian and EU economies," said Burman.
News from the movements
30-Mar-2015 La Via Campesina
17 April 2015: International Day of Peasant and Farmer Struggle against Transnational Companies and Free Trade AgreementsThis April 17th 2015, La Via Campesina will focus its mobilizations on the impacts of Transnational Corporations and Free Trade Agreements on peasant and small-scale agriculture and national food sovereignty
30-Mar-2015 ScoopThe Foreign Affairs Defence and Trade committee is now accepting public submissions on the NZ-Korea Free Trade Agreement, providing Kiwis with a rare chance to break the silence on the controversial investor-state dispute settlement provisions in that agreement and in the Trans-Pacific Partnership Agreement, according to It’s Our Future NZ.
28-Mar-2015 Huffington PostIn Chevron’s massive international arbitration directly against the government of Ecuador, it has gotten everything it has asked for from the panel of arbitrators — until last week.
23-Mar-2015 Public CitizenQuestions and answers on investor-state dispute settlement (ISDS) that pertain to incorrect claims being made by the Office of the US Trade Representative.
23-Mar-2015 ContreLaCourLe 10 mars dernier, les gouvernements européens ont donné leur accord à la publication du mandat de négociation du TiSA. Malheureusement, ce mandat reste peu fourni et très inaccessible pour les non-initiés au droit du commerce international.
18-Mar-2015 Confédération paysanneLa Confédération paysanne, les Amis de la Terre, Attac et l’Union syndicale Solidaires annoncent leur retrait du Comité de suivi stratégique mis en place par le gouvernement français.
16-Mar-2015 GetUp! AustraliaThe Abbott Government can still refine or reject parts of the deal that aren’t in the public interest; but without public pressure, there’s little hope of hearing about, much less putting a stop to, the devil in the detail.
13-Mar-2015 ALAINETLos odhams, pueblo que conserva la tierra pese al despojo y el olvido del Estado
bilaterals.org is a collaborative space to share information and support movements struggling against bilateral trade and investment deals which serve corporations, not people. Multilingual. Global. No one owns it. Open publishing. Join us.