BackIndia, Ireland discuss ways to put India-EU FTA on track
Ireland hopeful that conclusion of FTA between India and the EU would be mutually beneficial
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New Delhi: Ireland is hopeful that conclusion of the free trade agreement (FTA) between India and the European Union would be mutually beneficial and would provide greater market access to Indian firms in the 28-nation bloc. The issue came up for discussion during the meeting between commerce and industry minister Nirmala Sitharaman and Ireland’s minister for jobs, enterprise and innovation Richard Bruton here.
Both ministers discussed the “prospects for the resumption of talks on the EU-India free trade agreement", IDA, Ireland’s investment promotion agency, said in a statement. “The Make in India strategy is extremely ambitious and has the potential to develop India into a manufacturing superpower... I was keen to explore prospects for kick-starting talks with the EU. The conclusion of a free trade agreement would provide an enormous boost for both India and Europe," it said, quoting Bruton. Launched in June 2007, negotiations for the Broad-based Trade and Investment Agreement (BTIA) between India and the 28-member European bloc have witnessed many hurdles as both sides have major differences on crucial issues.
In May 2013, both sides failed to bridge gaps on issues, including data security status for the IT sector.
Besides demanding significant duty cuts in automobiles, the EU wants tax reduction in wines, spirits and dairy products, and a strong intellectual property regime.
On the other hand, India is asking for granting “data secure nation" status to it by the EU. The country is among nations not considered data secure by the EU.
The ministers also deliberated on ways to boost bilateral trade and investment. “We discussed the synergies between our countries in sectors such as ICT, pharmaceuticals and services and the potential for Indian companies to use Ireland as a base while exporting to Europe," Bruton said. The bilateral trade between the two countries stood at $972 million in 2013-14. PTI
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