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India to sign free trade deal with EU by next year

Mumbai: Indian Trade Minister Kamal Nath has told reporters that he expects India and the EU to complete negotiations for a free- trade agreement (FTA) that would lower tariffs and increase trade between the two countries. The free-trade agreement is ''heading towards a conclusion by the end of next year,'' Nath told reporters. Formal negotiations on the pact began in Brussels in June.

India currently does a roaring $56.6bn in trade with EU destinations annually. It's exports to the EU rose 21% to $26.8bn in the fiscal year ended March 31, while imports rose 16% to $29.8bn, according to the country's commerce ministry's Web site.  [24/10/07]

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