The meeting of the Trade and Economic Relations Committee (TERC), presided over by Prime Minister Manmohan Singh, "was of the view that the aim should be to conclude this agreement before the India-ASEAN Summit," sources said.
Singh who will be attending the summit in Cambodia, sought an update on the progress of the talks to widen the existing Free Trade Agreement (FTA) beyond goods to investment and services. Services are of importance to India as they contribute over 55 per cent of the country's Gross Domestic Product (GDP).
After implementing FTA in goods in 2010, India and the 10-nation bloc are engaged in negotiations to widen the pact.
"India wants service sector to be liberalised by removal of all the non-tariff barriers," they said.
Besides, the TERC also reviewed the progress of bilateral negotiations to also broadbase the India-Thailand free trade pact, which at present is limited to 82 items.
"The message (of the meeting) was that it should also be speeded up. Singh will be meeting his Thai counterpart on the sidelines of India-ASEAN Summit," sources added.
Further, the Singh's panel also discussed the progress of negotiations of the much-delayed India-European Union free traded pact.
The meeting viewed that this agreement should also be expedited in order to conclude it on time.
Yesterday after his meeting with German Minister of Economic and Technology Phillipp Roesler here, Commerce and Industry Minister Anand Sharma had indicated for reaching a partial India-EU trade agreement.
