"Several difficult issues need to be resolved if India is not to be short-changed in the Bilateral Trade and Investment Agreement with the EU."
India and EU have been negotiating a comprehensive free trade agreement - Bilateral Trade and Investment Agreement (BTIA), covering trade in goods and services besides rules pertaining to cross-border investments, competition policy, government procurement and state aid. The Hindu : Opinion / Op-Ed : For a fair, free trade pact with Europe
India and the EU have agreed to eliminate tariffs on over 90% of all tradeable goods during the next 10-year period. If not carefully managed, this could lead to a decline in domestic output, massive job losses, significant tariff revenue loss and negative implications for the trade balance. The implications on agricultural and dairy products could have a serious and long-lasting impact on the bulk of our rural population. Most of them have don't even have social security to take care if they lose their jobs.
India and EU have been negotiating a comprehensive free trade agreement - Bilateral Trade and Investment Agreement (BTIA), covering trade in goods and services besides rules pertaining to cross-border investments, competition policy, government procurement and state aid. The Hindu : Opinion / Op-Ed : For a fair, free trade pact with Europe
India and the EU have agreed to eliminate tariffs on over 90% of all tradeable goods during the next 10-year period. If not carefully managed, this could lead to a decline in domestic output, massive job losses, significant tariff revenue loss and negative implications for the trade balance. The implications on agricultural and dairy products could have a serious and long-lasting impact on the bulk of our rural population. Most of them have don't even have social security to take care if they lose their jobs.
If European banks are given greater market access, will they serve 500-million Indians citizens who do not have access to basic banking services? Unlikely, since their business model tends to 'cherry-pick' only the most profitable businesses. Moreover, the global financial crisis has put a big question mark over their efficiency. We should seriously rethink the benefits of opening up banking and financial services.
The deal also proposes a lopsided negotiating mandate which puts investors' rights above those of democratically-elected governments which should not be accepted by India.
It is of grave concern that the India-EU BTIA negotiations have been marked by a gross absence of transparency and public consultation in India. It is also a matter of shame that there is no system of parliamentary ratification or supervision of such agreements in India!
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