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Publish Date : 17-Mar-2015

After being stalled for more than two years, India's free trade talks with the EU, may get a new lease of life with the Central government finally raising the foreign direct investment (FDI) ceiling in the insurance industry to 49 per cent. This was a major demand of the EU.

A Commerce Ministry official said but, the Indian government, will wait for Brussels to take the first step as it was the EU that stepped back from the FTA talks in 2013 as it was not pleased with what was on offer. He added : "We have been getting indications the last couple of months of the EU’s interest in restarting the negotiations. Now that the Insurance Bill has been passed, the interest will shoot up. But they (EU officials) have to approach us formally before talks can start."

Senior EU officials from the India Division have said the EU was prepared to show flexibility in all matters that had stalled the FTA talks with India. It does not automatically mean that will be part of the FTA, although India has increased the FDI limit in insurance to 49 per cent from 26 per cent. The official said : "Negotiations will have to be carried out, and India will take a decision after weighing all options."

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