The contentious issue of cutting import duty on cars from the 27-member European bloc as part of the proposed free trade pact is likely to be taken up in a high-powered committee meeting this week to be chaired by Prime Minister Manmohan Singh. Sources said while the commerce ministry has already prepared the blue print on the proposal — to cut import duty by half to 30% on cars from Europe while getting a hindrance-free entry into those markets in return — the final nod would have to come from the Prime Minister’s Office. The meeting which is likely to take place on Monday could also see attendance of finance minister Pranab Mukherjee and home minister P Chidambaram. The final announcement on the FTA is likely to be made this month when the India-EU summit gets underway.
Source: Financial Express
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