EU-India trade deal on the horizon , Sajjad Karim

EU-India trade deal on the horizon , Sajjad Karim

Brussels: As the EU-America Free Trade Agreement looks set to become reality, another big EU trade deal is on the horizon and could be just as promising.

Discussions on the EU-India Free Trade Agreement started with plenty of promise in 2007 with mouth-watering proposals of how EU businesses could trade handsomely with India's booming consumer market of over 1 billion people. However any firm deal is still yet to be concluded, and after 14 rounds of talks, pressure is mounting for a swift conclusion.

British MEP Sajjad Karim says both sides need to show more political will if there is to be a deal between two of the largest economies in the world.

Speaking from Brussels, Karim said:

"India has a very bright future; it has a resilient economy and a growing middle class consumer market of over 300 million people. The need for a balanced economic partnership between India and the EU is now more pressing then ever."

Currently India is the EU's 8th largest trading partner, however Indian companies are increasingly look abroad for investments.

Mr Karim, who was the special rapporteur for the EU-India FTA in 2009 and successfully included a human rights clause in the trade agreement, also highlighted the global race to deal with India.

"The British Prime Minister is currently in India at this very moment with the largest trade delegation he has ever taken. The French President was in India only days earlier with the exact same intentions.

"Both leaders understand the enormous economic potential that India has to offer to boost European economies; however with the EU there seems to be deadlock."

"As a European Parliamentarian I will press for the need to act quickly and think outside the box to get this deal done. The jobs and businesses of many rely on this momentous trade deal."

David Cameron is currently in India on a three day visit to the country with a large delegation of businesses, industry leaders and university vice-chancellors. The PM stated that India is on course to be the world's third largest economy by 2030.