A meeting of Prime Minister’s Trade and Economic Relations Committee (TERC) was held on Wednesday to discuss the unfolding global trade situation and its impact on Indian economy, especially in the backdrop of the sluggish US economic recovery and Europe muddling through its debt crisis.
The meeting also assumes importance in the wake of Friday’s India-European Union Summit, when some important announcements are awaited on opening the European and Indian markets for trade in goods and services.
Although the negotiations on a Free Trade Agreement between India and 27-member EU have been dragging on for long and are very unlikely to be concluded in the near future, hopes are still alive on conclusion of the FTA, which would mean slashing of duties on over 90 per cent of the trade between the two sides.
It will also mean opening up of the markets for services and investment.
The negotiations on India-EU free trade agreement are underway since 2007.
(Published 08 February 2012, 20:14 IST)
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