India- EU FTA talks may see a possible conclusion
Nirmala Sitharaman, the commerce minister was optimistic that the government could see a “possibility” of concluding the free trade pacts with the European Union as well as EFTA. EFTA, is a four-member group of countries consisting of Iceland, Liechtenstein, Norway, and Switzerland.
Sitharaman told the reporters that, "Yes, there is a possibility (of conclusion of FTAs with EU and EFTA this year) because in several issues they are guided by each other.”
She also added, “If there is political will, and if there is a lot of give and take from both the sides the agreement can be reached. And therefore I am optimistic.”
The negotiations between EFTA and India got stalled on the Intellectual Property Regime Issue (IPR). Technical data is protected by data exclusivity which is generated by the developer to prove that the product was useful.
If the companies are able to gain rights exclusive to the data, then these innovators can stall their competitors from getting a marketing license for the low-cost version of the products during this period of exclusivity.
"On data security it was mentioned that whatever position Europe takes EFTA will also follow the same. They (EFTA) cannot take a different position from the EU. So if we are reaching an agreement stage with the European Union, largely the terms and conditions of those will be similar and compatible with EFTA," Sitharaman opined.
The negotiations between the four-nations bloc and India for the FTA started way back in 2007. But India and the EU were yet to reach a consensus even during last month. There are still many problems that await proper solutions.
It was very much expected that India and EU comprising of 28 states would continue their talks, last held in May 2013. The talks have been held up as there were many crucial issues that needed to be resolved. These included the security of data in the IT sector.
However, on the same lines Sitharaman said, “These negotiations are an ongoing process. We have never given up on them.”
The other issues that have to be resolved during the negotiation for the proposed Bilateral Trade and Investment Agreement (BTIA), which was launched in 2007 include liberal visa regime, IPR and duty cut in automobile and spirits.
Regarding the Fair Trade agreement with Australia, Sitharaman said, “the negotiations are moving very close to a conclusion.”
