A free trade agreement (FTA) between India and countries in European Union (EU) is likely to be inked by the end of the current year, as per the Chairman of European Parliament delegation, Graham Watson.
Negotiations regarding this are currently going on in Brussels and it is expected to wrap up by this year particularly before the next Indo-Europe Summit, said Watson.
The FTA between India and EU would prove to be imperative to reinforce relations amongst the two. These two nations would undertake trading in various sectors, including generic medicines, textiles, technical expertise in services industry, transport and energy.
Issues between the two nations such as imposition of tough rules for the entry of Indian goods into Europe could possibly be resolved through these negotiations. And pertaining to the entry of the goods, both the nations can impose common norms, he stated.
India, currently can export 17 percent products to EU, while EU countries are able to export only 2.3 percent of their goods to India. EU therefore, has more scope to increase its exports to India, observed Watson.
Fibre2Fashion News Desk - India