Date:06/09/2005 URL: http://www.thehindubusinessline.com/2005/09/06/stories/2005090603090900.htm

Back India Inc wants FTA in services with EU, says Assocham survey

Our Bureau

New Delhi , Sept 5

THE country's leading CEOs favour signing of specialised free trade agreement (FTA) with the European Union (EU) in the services sector, according to an Assocham survey.

The Assocham Business Barometer Survey of 100 CEOs and MDs of firms with interest in Europe found that Indian industry, especially in the new economy areas of BPOs, IT, biotechnology, and pharmaceuticals, is keen on an institutional arrangement like FTA with the EU in services.

A majority of the CEOs said that the India-EU Summit, beginning on September 7, should deliberate on the possibilities of clinching an FTA encompassing the entire range of areas including financial services, legal services, accounting, telecom, and even retail.

Eighty per cent of the CEOs surveyed said that the summit should work out a significant improvement in offers made to each other under the ongoing general agreement on trade in services.

On services, both sides are dissatisfied with the offers made by the other.