Basmati Rice 5According to the official sources, it has been reported that the negotiations on the proposed India-European Union (EU) Free Trade Agreement have been stalled due to the uncertainty over ‘Brexit’, or the possibility of Britain leaving the European Union. Further, in this regard, the U.K. is slated to hold a referendum in June to decide whether it should stay as an EU member country. It has been reported that the EU’s demand is that India must agree to eliminate the “high” duties on automobiles over a specified period of time, as a pre-condition for resuming the free trade agreement negotiations. It seems to be a strategy to buy time till there is more clarity on the Brexit situation and its economic consequences, as per theShanti Agro Industries Pvt. Ltd. sources in the Indian government told on the condition of anonymity.

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