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India–US, Canada FTA under discussion: Nath
New Delhi, January 10, 2008
Commerce and Industry Minister Kamal Nath has said that
India is in talks with the US and Canada for a market-opening
bilateral agreement, on the lines of trade pacts being
negotiated with the European Union and the ASEAN.
"The bilateral trade agreements are currently in the pipeline
with at least 10 potential partners ranging from ASEAN, the EU,
US and Canada," Nath said at the Pravasi Bharatiya Divas.
He touched upon negotiations with the US and Canada in a
prepared speech, text of which was circulated to the media.
India has set a global engagement target of 550 billion
dollar, Nath said during the session.
"Currently, our global economic engagement is 450 billion
dollars and we have a target to take it to 550 billion
dollars," he said.
As a trading nation, India is firmly established at the top of
the table of the World Trade Organisation, irrespective of the
outcome of the Doha Development Round, he said.
India has been one of the few countries with which the US has
had sub-Cabinet level commercial dialogue. Other such
countries and regions include China, EU and North American
Free Trade Area (NAFTA).
Recent developments indicated strong possibility of an Indo-US
trade agreement dialogue.
During the recently held India Economic Summit, a US
Congressman had announced his intention to introduce
legislation in the Congress calling for the US to begin talks
with India on an FTA.
Nath had responded saying the possibility needs to be
examined. India and the US had a trade turnover of over 34
billion dollars between January and October, 2007.
The country is in an advanced stage of negotiating a Bilateral
Trade and Investment Agreement, similar to a free trade pact,
with the EU.
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