Farmers, traders to be protected in India-EU trade pact: PM

G Sudhakar Nair
Brussels, Dec 10 (PTI) Agreeing to resist protectionism
in global trade, India and the EU on Friday announced reaching
the final stage of a trade and investment opening pact, billed
as one of the largest bilateral agreements.
On concerns that the Broad Based Bilateral Trade and
Investment Agreement (BTIA) with the 27-nation EU could hurt
the interests of Indian farmers and traders, Indian Prime
Minister Manmohan Singh said the pact would have enough
safeguards to protect them.
"There are concerns among small farmers and shopkeepers.
I am confident we will build enough safeguards to protect
their essential interests," Singh said at a joint news
conference, along with the European Council President Herman
Van Rompuy and the European Commission President Jose Manuel
Barroso at the end of a day long EU-India Summit.
A joint declaration issued afterwards said that the two
sides "agreed on the contours of a final package, and
reaffirmed the importance of an ambitious and balanced"
conclusion of BTIA to enhance their about Euro 56 billion
bilateral trade.
The leaders decided to speed up negotiations so that BTIA
could be concluded in the spring of 2011.
"We are at the last stages of this complex exercise. We
have directed our officials to redouble their efforts to reach
a conclusion by the spring of 2011. Finalisation of a balanced
agreement will bring enormous benefits to both sides," Singh
said.
He further said that the two sides should take lead in
avoiding protectionist trends, keeping markets open and
encouraging the free flow and movement of people.
India has concerns over restrictions of movement of
people in several European countries like the UK and Germany.
It's apprehensions were partly addressed in the joint
statement.
"Recognising the important implications of the movement
of people for India and EU, they (leaders) agreed to explore
initiatives that could lead to a regular, comprehensive and
structured dialogue on migration issues, with a view to
deepening cooperation in this field," it said.
Recalling the G-20 commitment for concluding a
multilateral trade opening deal under WTO, the statement said
the leaders "affirmed their commitment to resist all forms of
protectionist measures".
Indian trade in goods and services has been facing
protectionist measures like seizure of off-patent generic
drugs in some European countries and restrictions on
professional visas in the US. PTI GSN
HMI