CHENNAI: Trade and bilateral relations with India’s largest trading partner, the 27-country European Union, has the potential for a much larger association and ties needed to be strengthened further, according to a senior Federation of Indian Export Organisation official.
Speaking at a seminar on Trade with Belgium and the European Union, Regional Chairman of FIEO-South, Walter D’Souza said that with the new government in power at the Centre, the two trade partners needed to re-activate the process of negotiating the Broadbased Trade Investment Agreement, which has the potential to significantly enhance trade relations between the two economic blocks.
“This can be a vital trade agreement, touching the lives of 1.7 billion people. India and the EU, through negotiations, have to remove the barriers to trade between the two partners in order to improve bilateral trade. This can only increase investments in both India and the EU and open new markets for their businesses,” he pointed out to the delegates gathered.
D’Souza went on to point out that such a trade agreement between the two partners can only serve to benefit the already impressive trade between them.
The value of India-EU trade has grown from just 28.6 billion Euros in 2003 to more than 85 billion Euros in 2013.
Belgium alone, is India’s 10th biggest global trade partner and India’s exports to the EU last year were valued at above 39 billion Euros and EU’s exports to India were at 43 billion Euros.