Merkel vows support for India-EU FTA

Last Updated: Thu, Apr 11, 2013 16:30 hrs

German Chancellor Angela Merkel on Thursday pledged Berlin's support to pave the way for an India-EU Free Trade Agreement.

"We want to achieve for example a progress in the signing of the EU-India free trade agreement. We are not in a situation where it seems as if we can get that," said Merkel.

"We have not yet overcome all of the difficulties and I would like to thank, at this opportunity, at this juncture, our Indian counterparts for being so accommodating for paving the way to the signing of the agreement," she added.

Prime Minister Dr. Manmohan Singh, on the other hand, promised India's commitment towards liberalising the insurance sector.

"We are committed to liberalisation of the insurance sector's cap on FTA equity participation. Our cabinet has already approved a proposal to raise the level of foreign equity participation from 29 percent to 49 percent, but this requires parliamentary legislation," he said.

India and Germany today signed six pacts to expand bilateral cooperation between the two countries during Dr. Singh's visit to Germany for the 2nd India-Germany Intergovernmental Consultations. (ANI)

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