A joint economic group comprising commerce ministers of India and China is scheduled to meet in the first week of April to discuss the proposed India-China Free Trade Agreement (FTA), a commerce ministry official said today.
"There are certain outstanding issues concerning negotiations on the proposed FTA which may be resolved in April when the joint economic group meets," the official added.
Commerce Minister Kamal Nath had recently said that he would be meeting his Chinese counterpart to discuss the proposed FTA.
A Joint Task Force (JTF) set up by both the countries had recommended an FTA as a mechanism to boost bilateral trade ties.
Moreover, negotiations on the India-Korea FTA are also in the final stage of negotiations. "The negotiations are in the final phase. Both the countries are meeting in April this year for next round of talks," the official added.
The Indian industry has been opposing an FTA with China, until it gets the market economy status by implementing transparent pricing mechanisms. The commerce ministry also is in favour of going ahead with an FTA, only if China conforms to market economy norms.
According to the Federation of Indian Chambers of Commerce and Industry (Ficci), Chinese exports to India increased by more than eight times between 2001-02 and 2006-07, while the country's overall goods imports increased by three and a half times between 2000 and 2007.
