Davos: India and the European Union (EU) on Saturday said they are making steady progress towards concluding the ambitious bilateral trade opening pact on goods, services and investment.
"We are moving forward. Both of us periodically keep exchanging notes. It will have a positive impact not just for India and the EU, but for others also, as it would help keeping the global economy robust," Indian Commerce and Industry Minister Anand Sharma said during a panel discussion at the World Economic Forum (WEF) meeting.
EU Trade Commissioner Karel De Gucht too said the two sides are making steady progress.
"But there still are some problems that need to be resolved," he said at the discussion, adding "I am very confident that we would move forward."
The two sides are negotiating Bilateral Trade and Investment Agreement (BTIA) to open Indian and the European markets for trade in goods, services and investment for each other since 2007.
These talks were to conclude in 2011, but differences among the two sides on the level of opening of the market came in the way.
The Europeans are seeking a substantial cut in import duties on their cars into the Indian market, while the India's domestic industry here is showing resistance. EU also wants India to open its services sector including in banking and other financial services besides foreign direct investment in retail.
Also, the 27-nation bloc has been pressing India to agree for an intellectual property rights regime over and above what the country has agreed multilaterally in the World Trade Organisation (WTO).
The annual India-EU Summit is slated to be held in the second week of February in New Delhi and some announcements regarding the trade pact is expected, sources said. The two-way commerce stood at $75 billion in 2009-10.
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