Germany is India’s top European trading partner
As per latest figures of Commerce and Industry Ministry, Germany, with around $23.8 billion or 18.3 billion euro turnover is India’s top trading partner within European Union (EU) during 2011-12.
India and the EU have recently concluded negotiations on Free Trade and Investment Agreement which is expected to boost both economies.
What would be the aim of this agreement?
The free trade agreement b/w India and the EU, which is also called Bilateral Trade and Investment Agreement (BTIA), seeks to sharply reduce tariffs on goods and liberalise services and investment provisions.
What is the volume of trade b/w India and the EU?
The bilateral trade stood at $91.3 billion in 2010-11. As per FICCI report, it is likely to more than double to surpass $207 billion by 2015, if the trade pact is introduced.