Press Information Bureau

Government of India

Ministry of Commerce & Industry

09-February-2012 18:00 IST

Mr. Karel De Gucht, the European Union Trade Commissioner called on Shri Anand Sharma the Union Minister of Commerce, Industry & Textiles, here today. During the meeting Shri Sharma said, “India-EU Summit will further strengthen the two large economies of the world and the proposed BTIA will give a fillip to an expanded and more diversified trade between the two sides.” Both the leaders met individually and with delegation to bring convergence to various issues and iron out differences on trade related issues.

Shri Sharma noted that EU is an important trading partner of India and as a region; EU is India's 3rd largest trading partner in the world. The exports growth is 30% in 2010- 11 which accounts for 53.494 billion US $. EU as a region is the largest investor in India with FDI from EU totalling US $ 33.24 billion during the period April 2000 to November 2011. Indian investments in EU nations have been US $ 30 billion. Importance of Trade from India’s perspective is India’s export to EU was 18.64 % of its global trade during 2010-11 & India’s imports from EU was 12.05 % of its global trade in 2010-11

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DS/GK

Trade agreement negotiations: BTIA talks aim to expand and diversify bilateral trade, fostering greater investment and cooperation. India and the European Union advanced bilateral trade and investment discussions focused on progressing the proposed BTIA to expand and diversify trade, with leaders and delegations working to converge positions and resolve differences on trade-related issues to strengthen negotiation momentum and deepen economic cooperation.