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  3. India-EU FTP likely to delay further on differences over insurance, IP rights

India-EU FTP likely to delay further on differences over insurance, IP rights

09 Apr 2013 Evaluate

India-EU free trade pact (FTA) looks far from the finish line with the European Union demanding more access to India’s insurance sector and a stricter intellectual property regime, India on the other hand refusing to give such assurances. The 27-member EU had hopes that the Insurance Bill, which aims to raise the cap on FDI from the current 26% to 49%, will be passed by Parliament before the FTA is signed. However, with the bill getting delayed, the EU is now looking for some assurance that the FDI limit would be increased within a specified time. India, on the other hand does not want to give such assurances.

Further, the EU is also upset on India refusing its strong commitments on tightening of IP regime. India had earlier refused to give data exclusivity to the EU which would lead to companies holding exclusive rights to data, without holding patents on them. Moreover, India has also not agreed to give the EU Customs authorities the right to seize medicines in transit in case they suspect IP violation.

In addition, the government is also refusing to take on binding commitments in labour and environment as this would lead the country to take on commitments on minimum wages, working environment and more sophisticated production processes that would raise costs. India believes that there are institutions such as the International Labour Organization to address non-trade issues and these should not be made part of the trade agreements.

However, on the positive front, the agreement will help Indian companies expand in the EU, the country's biggest trading partner. On the other hand, the EU wants to gain more access into the Indian markets and want significant reduction in customs duty on cars, wines and spirits on their exports to India. In 2011, the two-way trade between India and EU increased to about $110 billion from $ 83.37 billion in 2010. India has already implemented comprehensive FTAs with other countries such as Japan, Malaysia and South Korea.

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