PM seeks open trade with EU

Dec 11, 2010 |

IANS

Brussels, Dec. 10: The Prime Minister, Dr Manmohan Singh, on Friday said India and the 27-nation European Union (EU) should take the lead in avoiding protectionism and open their markets for expanded business cooperation.

Dr Manmohan Singh, after attending the 11th India-EU summit, said he was confident the two sides were on “right track” to enhance their economic and strategic ties. “India and Europe should take the lead in avoiding protectionist trends, keeping our markets open and encouraging the free flow and movement of people,” he said.

He has conveyed to the European leadership “the vast opportunities” that exist for European investment in India in the areas of infrastructure, high technology, research and development.

“We are particularly keen to benefit from Europe’s experience in the area of skill development, vocational training and small and medium enterprises.”

The summit was held amid negotiations over issues coming in way of a free trade agreement (FTA) between the two sides.

The accord, in protracted negotiations since 2007 is expected to generate two-way trade worth about 100 billion euros, up from the existing 70 billion.

The FTA was supposed to be readied during the Brussels summit, would now be wrapped up by early next year. Dr Singh praised the negotiators and called for a broad-based trade and investment agreement.

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