New Delhi, Nov 29 (UNI) The government today said it is finalising a roadmap on the Free Trade Agreement (FTA) which is expected to conclude by next year that will address synergies between India and EU.
''Since the issue of agriculture does not figure out with the EU country, the Free Trade Agreement (FTA) should be concluded by next year,'' said Commerce and Industry minister Kamal Nath.
Mr Nath added that India now looks at the FTA to address trade issues between the two regions.
The 8th India-EU Business Summit, was jointly organized by industry chamber CII and FICCI in partnership with the Commerce Ministry.
EU Trade Commissioner Peter Mandelson and India's Commerce and Industry Minister Kamal Nath addressed the 8th India-EU Business Summit held in New Delhi today.
The EU accounts for around one-fifth of India's total trade (21.1 per cent in 2006) whereas India contributes around 1.5 per cent of the total EU trade and is its 10th largest partner.
However, in the past few years substantial growth in trade has been achieved. In 2006-07 (April to December), India's exports to the EU stood at 19.2 billion dollars whereas India's imports from it amounted to 20.1 billion dollars.
India's exports to the EU increased from 18.2 billion dollars in 2004-05 to 23.3 billion dollars in 2005-06, registering a growth of 27.3 per cent. On the other hand, India's imports from EU also increased from 19.3 billion dollars in 2004-05 to 26 billion dollars in 2005-06, recording a growth of 34.7 per cent.