On Thursday, Germany pressed India to raise the foreign equity cap in the insurance sector and reduce tariffs on import of automobiles as a prelude to the much- awaited India-EU Free Trade Agreement (FTA) even as the two countries signed 6 pacts including one under which a German loan of Euro one billion (Rs7,000 crore) will be provided for a green energy corridor in India.
The Indian Prime Minister Dr. Manmohan Singh is currently in Germany to chair the second India-Germany Inter-Governmental Consultations with German Chancellor Angela Merkel. After talks with Prime Minister Manmohan Singh, German Chancellor Angela Merkel said “We are now in a position where we can get there. We have not yet overcome all the difficulties. We are not ready to sign yet but we thank India for paving the way for signing the agreement. We are in a dynamic stage of consultation."
Ms. Merkel, who jointly co-chaired the second round of Inter-Governmental Consultations (IGC) with Singh, however, minced no words when she said that the increase in the insurance cap by India was “undeniably“ an important issue apart from resolution of issues such as tariff rate quota on imports of German cars, Services and Intellectual Property Rights. On the other hand, India is pressing Germany, the biggest economy in Europe, to provide a “strong political thrust“ for inking of broad-based Bilateral Investment and Trade Agreement (BITA) with the 27-nation European block.
The Indian Prime Minister Dr. Manmohan Singh is currently in Germany to chair the second India-Germany Inter-Governmental Consultations with German Chancellor Angela Merkel. After talks with Prime Minister Manmohan Singh, German Chancellor Angela Merkel said “We are now in a position where we can get there. We have not yet overcome all the difficulties. We are not ready to sign yet but we thank India for paving the way for signing the agreement. We are in a dynamic stage of consultation."
Ms. Merkel, who jointly co-chaired the second round of Inter-Governmental Consultations (IGC) with Singh, however, minced no words when she said that the increase in the insurance cap by India was “undeniably“ an important issue apart from resolution of issues such as tariff rate quota on imports of German cars, Services and Intellectual Property Rights. On the other hand, India is pressing Germany, the biggest economy in Europe, to provide a “strong political thrust“ for inking of broad-based Bilateral Investment and Trade Agreement (BITA) with the 27-nation European block.
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