New Delhi: The free trade agreement (FTA) between India and the EU has included an annexure for mediation for a mutually-agreed solution to a dispute through an expeditious procedure with the assistance of a mediator.
According to the text of the FTA, an annexure on 'model mediation procedures' has been included in the agreement, the conclusion of which was announced on January 27.
The pact is expected to be signed after legal scrubbing. It may be implemented next year.
These FTA texts may undergo further modifications as a result of the process of legal revision/ scrub. The texts will be final upon signing.
"A Party (India or EU) may at any time request to enter into a mediation procedure with respect to any measure by a Party alleged to adversely affect trade between the Parties," the text said, adding that the request shall be sufficiently detailed to present the concerns of the requesting side clearly and shall identify the specific measure at issue; and the adverse effects that the requesting party considers the measure has or may have on trade between the two sides.
However, it added that the mediation procedure may only be initiated by mutual agreement of the two sides.
Regarding the selection of a mediator, the text said, if the two sides are unable to agree on the mediator within the specified time period, the request for mediation "shall be regarded as rejected".
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