India-EU FTA negotiations may conclude soon: Commerce secy

Negotiations for the India-EU Free Trade agreement may conclude by March-April 2013, according to Union commerce secretary SR Rao. He stated this at an interaction with members of Tirupur Exporters' Association (TEA) on Sunday at Tirupur, TEA president A Shaktivel said in a statement on Monday.

On import of special fabric at concessional duty, Rao stated that this move is essential. He added that the issue was taken up with the finance ministry and Revenue secretary and was under 'serious consideration.'

For the long-pending demand for separate chapter for exporters, Rao said the RBI was assessing the matter. To the suggestion for import of yarn, he said there should be a business model for implementation of such a scheme.

Earlier, Shakthivel had requested Rao to help permit import of synthetic/ blended specialty cotton fabrics at 5-percent concessional rate of customs duty, which can be compensated to garment exporters by granting drawback rate at the time of exporting value added garments.

He also appealed for implementation of gold-card scheme to exporters by which they could get duty-free oil from OMCs for generation of power. This would be beneficial in view of the present power crisis as the diesel prices were being increased every month, Shaktivel said.

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