Ahead of the India-European Union Summit in Delhi slated for February 10, the Commerce, Industry and Textiles Minister, Mr Anand Sharma, said negotiations on a Free Trade Agreement (FTA) were in the “final stage”, but a “few gaps” need to be sorted out.
“India EU FTA (talks) is in the final stage. We had meetings with the EU (team) in India and in the EU. We have made substantial progress and few ends or gaps have to be closed… we should be in a position to bring it to a closure in the near future,” Mr Sharma told reporters here on Wednesday.
“This agreement will lead to increase of opportunities for market access goods and services for both sides,” Mr Sharma said.
Meanwhile, the Prime Minister's Office is holding last-minute meetings with other Ministries to fine-tune India's position on the FTA so that it could be incorporated in the India-EU joint statement.
The Prime Minister, Dr Manmohan Singh, is also expected to take up the outstanding issues pertaining to the FTA with his Trade and Economic Relations Committee shortly.
The newly appointed EU Ambassador to India, Mr Joao Cravinho, has already said that there will be a political statement during the summit that will give an idea about the FTA's progress.
The EU wants India to reduce duties on luxury cars, wines and spirits, while India is seeking greater market access in the EU for its farm products, textiles and services sectors.
The EU is also keen on greater play in banking and retail in India, while India wants EU to permit easier temporary movement of its professionals.