Free trade deal with India backed by European Parliament
Posted, March 30, 2009 @ 10:00
MEPs send powerful signal that liberalising trade is in all our interests
Strasbourg, 26th March 2009 -- The European Parliament has today sent a powerful message to India ahead of their elections that an ambitious and comprehensive Free Trade Agreement will bring billions of pounds worth of investment and trade to both parties, Sajjad Karim MEP, the author of the report, said today.
The report says the agreement will improve access for goods and services, containing provisions on regulatory transparency in areas relevant to mutual trade and investment, including standards and conformity assessment, intellectual property rights, public procurement, trade facilitation and customs. Human rights clauses also comprise an essential element of the FTA.
When the parliament's trade committee voted on the plans earlier this month, Socialist MEPs were able to heavily amend the text that was put to the full parliament this morning. However, a joint resolution tabled by the EPP-ED group and supported by ALDE and the UEN has overturned the protectionist signals Socialist MEPs had been attempting to send, which would have hindered any chance of a beneficial liberalising deal.
Mr Karim said:
"Trade between India and the EU has more than doubled in the past decade but a free trade deal would cause an explosion of transactions between us.
"At a time when - despite the rhetoric to the contrary - all nations risk retreating into protectionism, it is all the more important that we achieve ambitious and far-reaching trade alliances. A free trade deal with India will increase investment and provide a much needed boost to global trade.
"Socialist MEPs had attempted to invert this report towards one that would enshrine protectionism. Fortunately we have overturned their position and sent a powerful signal that trade liberalisation is ultimately in all our interests."