General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIndia-EU free trade agreement talks at ‘final, critical stage’
Talks between India and the European Union (EU) to conclude a free trade agreement (FTA) have reached their final, critical stage, an EU statement said on Monday after negotiations between the two sides.
It is expected that the summit will endorse a tight roadmap for conclusion (of the FTA) in the coming months, said the statement issued at the end of talks between the Indian foreign minister S.M. Krishna and EU high representative for foreign and security policy Catherine Ashton in Bangalore, the clearest indication yet that the pact would not be sealed at the summit.
Both sides reiterated our commitments to intensify our cooperation in diverse fields including trade and investment, movement of peoples, energy, science and technology and counter-terrorism, according to a statement by Indias ministry of external affairs.
The EU as an economic bloc is Indias largest trade partner. In 2010, it imported goods worth 33.2 billion from India and exported goods worth 34.7 billion. Services exports to India stood at 9.8 billion and imports at 8.1 billion, according to EU figures.
http://www.livemint.com/2012/01/16232301/IndiaEU-free-trade-agreement.html?h=B
This looks like it is getting close. It would be an interesting agreement between the largest economy in the world and the country with the second-largest population.
AdHocSolver
(2,561 posts)There is no such thing as a "free trade" agreement.
Trade agreements are negotiated by governments to better the profit positions of the multinational corporations that influence and control those governments.
To envision the results of those agreements, just study the results of equivalent trade practices between the US and China.
These trade agreements are made between the elite one percent of one political entity and the elite one percent of another political entity. For their respective populations, no good will come of it.
pampango
(24,692 posts)Europe has much more trade and more "free trade" than the US and, perhaps surprisingly from your point of view, a much stronger middle class with a much superior distribution of income than we have in the US. They provide tariff free access for goods from the poorest countries without requiring similar treatment for European goods exported to those countries.
India already has "free trade agreements" with Japan and several other countries. It is negotiating with, in addition to the EU, Canada, EFTA (Norway, Switzerland and Iceland). Obviously, there are a lot of progressive countries that are not afraid to trade with poorer ones.
Do you think that all international trade just benefits the elite or is it just trade agreements that do so?
The statistics would seem to indicate otherwise, since the countries that have more trade are fairer, more equitable societies than countries that trade relatively little.
BTW, we don't have a "free trade agreement" with China. Among advanced countries only New Zealand (effective 10/1/08) does have one and only Australia, Norway and Iceland are negotiating them with China.