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Hyderabad, Nov. 3 The European Union and India are likely to enter into a Free Trade Agreement by 2008, according to Dr Alexander Spachis, Minister-Counsellor, Deputy Head of Mission, Delegation of European Commission to India.

“We have made significant progress in bilateral parleys and hope that this would be achieved by the second half of 2008, which would dismantle barriers and be mutually beneficial. In the meantime, another important milestone would be achieved in the form of signing up of a Science and Technology agreement between the two,” Dr Spachis said.

Addressing a press conference here, Dr Spachis said: “The bilateral trade between the EU and India is balanced at about $20 billion either way. But we feel that this is far short of the potential as India ranks at about 13th in terms of overall trade from the EU. Therefore, the FTA and other agreements could have a big bearing on the trade and potential for cooperation in other sectors.” The cooperation between the two could encompass some 40 sectors covering science and technology, environment and energy.

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