INDIA, EU TO BEGIN TALKS ON FTA
Ø India and European Union will resume talks in Brussels on Free Trade Agreement (FTA) to resolve differences over the pact that is expected to give a major boost to bilateral trade between the two sides.
Ø The two sides will review the progress made in the negotiations under way since 2007
Ø The India-EU summit in February this year had set a deadline of the year-end for concluding the pact
SINGLE INVESTOR TREATY:
Ø The European Commission has also mandated that the objective of the negotiation should be to push for a single investor treaty with India instead of several bilateral investor treaties that India currently has with some EU nations. The Commission has already indicated to India that it was now looking at a single investor treaty.
ISSUE AREAS:
Ø As part of the bilateral investment and trade agreement, the EU has been pitching for opening up automobiles, wines and spirits as part of the free trade agreement which is opposed by Indian automobile industry as it would hurt the domestic manufacturers.
Ø The EU is reluctant to open up movement of professionals from India to the EU under Mode 4 to ensure job creation for its own people.
Ø Besides, the grouping has also been raising non-trade issues like human rights, child labour and environment during the ongoing negotiations for a broad based agreement.
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