Indicating that differences persist between India and the European Union over their proposed free trade agreement, the Commerce and Industry Minister, Mr Anand Sharma, said even the “best of astrologers would not know” about the timeline.
He only expressed hope that it would be concluded “very soon’’.
India is in talks with the EU, its biggest trading partner, since 2007 for liberalising their commerce in goods, services and investment through an FTA.
The FTA would involve slashing of duties on over 90 per cent of the trade and opening up of the mutual markets for services and investment.
The two sides with trade of $75 billion (2009-10) had earlier vowed to conclude the negotiations within 2011.
The Trade and Economic Relations Committee (TERC) headed by the Prime Minister, Dr Manmohan Singh recently reviewed the progress of the talks and is likely to meet again soon.
“I can say that without giving a timeline or deadline it (India-EU FTA) is in the final stage ...the best of astrologers would not know,” Mr Sharma told PTI.
However, he hoped it would be completed “very soon”, adding that the multilateral and bilateral negotiations are taking place on the “complex matters’’.
Officials from both sides have remained engaged in resolving differences on key issues like opening up of markets in auto and auto components, wines and spirits, and intellectual property rights and services.
The two sides are believed to have agreed on four of the 12 key areas for FTA, aimed at freeing the vast markets of about two billion people to mutual advantage.
On automobile industry’s concerns, Mr Sharma has said that India would protect its interests.
Indian automobile industry has apprehensions that with the FTA, the import duties on passenger cars may be slashed. At present, high-end passenger cars attract import duty of over 100 per cent (basic plus other levies).
The fear is that if India agrees for aggressive cuts in these duties, there would not be any incentives for global auto majors to set up their manufacturing base in the country.