Anand Sharma (L), Karl De Gucht
The Union Minister for Commerce and Industry and Textiles, Anand Sharma (L) meeting the Commissioner, European Union, Karl De Gucht, in New Delhi on Feb. 09, 2012.PIB

European Union Trade Commissioner Karel De Gucht called on Union Minister of Commerce, Industry and Textiles Anand Sharma in New Delhi Thursday.

During the meeting 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 a delegation to bring convergence to various issues and iron out differences on trade related issues.

Noting that the EU is an important trading partner of India and as a region, Sharma claimed in a statement by the Ministry of Commerce and Industry, "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 U.S. $30 billion. The importance of trade from India's perspective is that India's export to the EU was 18.64 percent of its global trade during 2010-2011 and India's imports from EU were 12.05 percent of its global trade in 2010-2011, added the statement.

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