India seeks Spain help on FTA with EU

Press Trust of India
Posted: Friday, Dec 12, 2008 at 0053 hrs IST
Updated: Friday, Dec 12, 2008 at 0053 hrs IST

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New Delhi: The government has sought help from Spain to conclude a comprehensive trade and investment pact with the European Union by the end of next year, commerce and industry minister Kamal Nath saidon Thursday.

Speaking to reporters here after a meeting with Spain’s minister of industry, tourism and trade, Miguel Sebastian Gascon, Nath said they discussed the progress on the proposed agreement between India and the 27-nation bloc EU and both agreed on the possibility of completing the deal by next year.

“We have discussed the progress on the India-EU agreement on trade and investment. I have sought the help of Sebastian to see that we are able (to complete the deal)...”.”We both feel that it is possible that we have this (deal in place) by the end of next year,” he added.

India has concluded negotiations on a free trade agreement with the 10-nation Association of South East Asian Nations.

India, the world’s second-most populous nation with 110 crore people, and the EU with a population of 500 million, have been negotiating a free trade agreement (FTA) since October 2006.

The FTA component of the India-EU comprehensive economic cooperation agreement is likely to exclude nearly 150 farm products to shield Indian farmers from increased competition posed by subsidised goods.

The EU is India’s largest economic partner with trade doubling from $40.81 billion in 2003 to $78.48 billion in 2007. The minister further said he has assured Sebastian that the difficulties faced by the Spanish companies in India in regard to non-tariff barriers would be addressed.

India is also looking at collaborating in sectors like wind energy and hybrid cars with Spain, Nath added. The India-Spain Joint Committee meeting would take place next year; it was supposed to be held three years back, Nath said.

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