European Union is looking to finish the deal for a Free Trade Agreement (FTA) with India, a single partner, which goes beyond the WTO negotiations. The present WTO negotiations, called the Doha round of talks are tariff negotiations.
The FTA will allow for easy movement of people within the EU. This will help professionals to move from one country to another in the European Union very easily. “It will fast track procedures for business people,” said Daniele Smadja, Ambassador and head of delegation, Delegation of the European Commission to India, Bhutan and Nepal. “We will look into mobility of professionals,” she added.
She said, the FTA will benefit textiles, leather, metal, electronic equipment manufacturers and IT services. In terms of employment generation, it could lead to a gain of 20 to 30 per cent in terms of number of jobs.
Europe is already India’s largest trading partner, with bilateral trade in 2007, being valued at Euro 67.8 billion. The FTA could lead to an exponential increase in this figure, making for a formidable engagement between India, one of the world’s fastest growing economies, and the EU, the world’s largest economy.
Meanwhile, Daniele Smajda was in Bangalore to inaugurate an office of the European Business Group (EBG) in the city on Friday. With this, Bangalore becomes the third city after New Delhi and Mumbai to host the EBG.
EBG, which is based in Delhi and which brings an European dimension to business, acts as a focal point for individuals who pursue business in India on behalf of the European Union business interests. EBG is expected to complement the activities of other European business groups and diplomatic representations.
The EBG, launched in September 1997 provides a platform for European business to meet, exchange views and make representation on behalf of the members to government. The EBG in India gets support from the European Commission. The protection and the development of European Union business interests in and with India.
The EBG is a focal point for businesses from Europe and collectively represent an investment of over Euro 10 billion and provides employment to over 200,000 people in India.
