Trade talks between India

New Delhi, June 29: Having begun negotiations on a broad-based bilteral trade and investment agreement in Brussels, the two sides said such an agreement in consistent with WTO rules and principles would open new markets and expand opportunities for EU and Indian businesses.

A joint statement issued at the launch of negotiations yesterday said, '' These negotiations are pursuant to the commitment made by political leaders at the EU-India Summit held in Helsinki on 13 October 2006 to move towards negotiations of a broad-based trade and investment agreement.'' Stating that there has already been significant preparatory work, the statement said '' The EU-India High Level Trade Group has been preparing the ground for these negotiations since October 2005 and its report will form the basis for further deliberation.'' The EU and India expect to promote bilateral trade by removing barriers to trade in goods and services and investment across all sectors of the economy. Both parties believe that a comprehensive and ambitious agreement that is consistent with WTO rules and principles would open new markets and would expand opportunities for EU and Indian businesses.

While describing themselves as important trading partners, EU and India, at the same time, said they are committed proponents of the multilateral system. ''Both reiterated their belief in the primacy of the multilateral trading system and reaffirmed their commitment to the DDA round of negotiations,'' the statement added.

The Indian delegation was led by Commerce Secretary G K Pillai and the EU's by Mr Davis O'Sullivan, Director General, European Commission.

UNI

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