PRIME MINISTER MANMOHAN SINGH'S VISIT TO GERMANY
Prime Minister Dr. Manmohan Singh along with a high level delegation arrived in Berlin on April 10, 2013 on a three-day visit to Germany. He was accorded a red carpet welcome at the Tegel Military Airport. Germany plays a key role in the global economy and, in particular, in stability and growth in the Eurozone, which has an important bearing on Indian economy.
Germany wants India to Hike Insurance Cap
Germany on April 11, 2013 pressed India to hike the foreign equity cap in the insurance sector and reduce tariff on import of automobiles as a prelude to the much awaited India-EU Free Trade.
Agreement even as the two countries signed six pacts including one under which a German loan of Euro one billion (Rs. 7,000 crore) will be provided for a green energy corridor in India.
After talks with Prime Minister Manmohan Singh, German Chancellor Angela Merkel said that India and the EU have not overcome 'all the difficulties' in reaching an agreement to conclude the FTA.
India is pressing Germany, the biggest economy in Europe, to provide a 'strong political thrust' for inking of broad based Bilateral Investment and Trade Agreement (BITA).
Merkel, who jointly co-chaired the second round of Inter-Govern-mental Consultations (IGC) with Singh, however, minced no words when she said that the increase in the insurance cap by India was 'undeniably' an important issue apart from resolution of issues such as tariff rate quota on imports of German cars. Merkel suggested that both sides were willing to make compromises,
saying, "we cannot expect every country to eagerly accept all of the wishes Germany might have, " while adding that she also has "the feeling there is a great readiness to be forthcoming on India's part." Regarding wider EU concerns on insurance sector restrictions, Singh said his Cabinet has proposed raising the permitted foreign shareholdings from 26% to 49%. India and Germany on April 12, 2013 set a target of concluding the long-awaited India-EU Free
Trade Agreement this year. Prime Minister Manmohan Singh and German Chancellor Angela Merkel in a joint statement in Berlin underlined their strong commitment to a successful outcome to the EU-India negotiations for a broad-based and balanced Free Trade Agreement that will generate jobs and growth in both countries.
Even as Singh was discussing FTA with Merkel, back home, the BJP took exception to his decision to engage in the final phase of negotiations for a 'highly controversial' agreement without taking into account the opposition by experts and stakeholders. The BJP expressed apprehension that the FTA would lead to the flooding of the Indian market with dairy, poultry, sugar, wheat, confectionery, oilseeds, fisheries and plantation products from the EU. Such an agreement would "directly compromise India's agricultural sovereignty and its food security," BJP leader Murli Manohar Joshi, said in demanding parliamentary scrutiny.
Agreement even as the two countries signed six pacts including one under which a German loan of Euro one billion (Rs. 7,000 crore) will be provided for a green energy corridor in India.
After talks with Prime Minister Manmohan Singh, German Chancellor Angela Merkel said that India and the EU have not overcome 'all the difficulties' in reaching an agreement to conclude the FTA.
India is pressing Germany, the biggest economy in Europe, to provide a 'strong political thrust' for inking of broad based Bilateral Investment and Trade Agreement (BITA).
Merkel, who jointly co-chaired the second round of Inter-Govern-mental Consultations (IGC) with Singh, however, minced no words when she said that the increase in the insurance cap by India was 'undeniably' an important issue apart from resolution of issues such as tariff rate quota on imports of German cars. Merkel suggested that both sides were willing to make compromises,
saying, "we cannot expect every country to eagerly accept all of the wishes Germany might have, " while adding that she also has "the feeling there is a great readiness to be forthcoming on India's part." Regarding wider EU concerns on insurance sector restrictions, Singh said his Cabinet has proposed raising the permitted foreign shareholdings from 26% to 49%. India and Germany on April 12, 2013 set a target of concluding the long-awaited India-EU Free
Trade Agreement this year. Prime Minister Manmohan Singh and German Chancellor Angela Merkel in a joint statement in Berlin underlined their strong commitment to a successful outcome to the EU-India negotiations for a broad-based and balanced Free Trade Agreement that will generate jobs and growth in both countries.
Even as Singh was discussing FTA with Merkel, back home, the BJP took exception to his decision to engage in the final phase of negotiations for a 'highly controversial' agreement without taking into account the opposition by experts and stakeholders. The BJP expressed apprehension that the FTA would lead to the flooding of the Indian market with dairy, poultry, sugar, wheat, confectionery, oilseeds, fisheries and plantation products from the EU. Such an agreement would "directly compromise India's agricultural sovereignty and its food security," BJP leader Murli Manohar Joshi, said in demanding parliamentary scrutiny.
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