India,EU negotiators set to iron out BTIA hurdles

The chief negotiators of both sides will meet in Brussels on March 22 and March 23 to carry forward the negotiations, a statement issued by the commerce ministry said. The ministerial-level talks will start from April 15,an official said.

Commerce and industry minister Anand Sharma expressed hope for early conclusion of the BTIA and said,

Offer on the table is very strong and largely we have meeting of mind.

He said that both the sides should focus on the big picture and the benefits that will accrue out of the agreement. Moreover,he added that it will send a positive message to the global economy.

The officials in the ministry said that focus is on conclusion of the agreement before the general elections in India next year. European Commission presidential elections are also due next year.

The two sides have not been able to conclude the negotiations due to differences on the level of opening of the market.

India has been seeking single visa for its professionals on short-term contractual visits to the European Union while the EU has been asking for significant reduction in customs duty on cars,wines and spirits on their exports to India.

The two-way trade stood at 110 billion in 2011. India has already implemented comprehensive free trade agreements with countries including Japan,Malaysia and South Korea.

Meanwhile,Sharma also met Hugo Swire,British minister of state,foreign and commonwealth,today and apprised him about emerging investment opportunities in India,including developing integrated industrial townships,especially in proposed Chennai-Bangalore Industrial Corridor Project.

The ministers agreed to move forward in exploring the possibilities in advanced manufacturing.

During 2012,the bilateral trade between India and the UK grew 28 per cent to 16 billion over the previous year. However,the two-way trade has witnessed a declining trend during April-January of the 2012-13 fiscal.