The Hindu : Business : `India plans EU model relief for LDCs'

Online edition of India's National Newspaper
Wednesday, Mar 28, 2007
ePaper

Business

Business

`India plans EU model relief for LDCs'

Special Correspondent

CHENNAI: The European Union favours "multilateralisation" of its Everything But Arms (EBA) Initiative, under which it grants duty-free, quota-free entry for products from least developed countries (LDCs), according to Carlos Bermejo Acosta of the European Communities Delegation to India.

Participating in an information seminar on the EU for Indian media at Mahabalipuram, near here, on Tuesday, Mr Acosta said indications were that India was considering adoption of the duty-free, quota-free formula for LDCs as a whole as done by the EU, Mr. Carlos Bermejo Acosta said.

[At present, India grants limited concessions for goods from LDCs within the SAARC (South Asian Association for Regional Cooperation) grouping.] Mr. Acosta said though the EU looked upon multilateralism as the most preferred regime for regulating international trade, it was embarking on preferential and free trade agreements with different groups and countries as a "second best" option in view of this being easier of achievement.

Also, such agreements could have a "WTO Plus" approach.

The European Union hoped to launch negotiations for a comprehensive agreement covering both trade and investment with India this year, with a time limit of two years for its conclusion.

The European Union was also looking for reaching a comprehensive agreement with the ASEAN (Association of South East Asian Nations) covering both trade and investment.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section