The Commerce and Industry Minister, Mr Anand Sharma, has emphasised the need for speeding up trade talks at the World Trade Organisation (WTO) and the free trade agreement (FTA) between India and the European Union. This is necessary to help the global economic recovery.
Speaking at the Global India Business Meeting here, Mr Sharma said an "in principle" agreement between India and the EU on the FTA was likely to be signed by the end of this year. It was India’s desire to bring the Doha Round of the WTO talks to a successful end because a "fair, rule-based system of international trade would ensure global economic benefits in excess of $ 700 million", he averred.
He invited Spanish and European investors to participate in India’s growth story, in particular in the agro processing, tourism, renewable energy and infrastructure sectors. He claimed that India would become the world’s third largest economy in real terms within the next two decades, creating huge opportunities for business.
The two-day India-Europe investment meet was co-chaired by, amongst others, the Federation of Indian Chambers of Commerce and Industry (Ficci). Several Indian CEOs participated and found themselves wooed by European firms seeking new avenues of growth at a time of economic stagnation in the West.
Source: Exim News Service, Madrid, 22 June 2010