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India's trade with G-8 countries rises 17 %
By agencies
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Monday, 11 July 2005, 19:30 IST
NEW DELHI: According to PHDCCI, Asia pulse coming as a boost to further enhance strategic and economic cooperation between India and G-8 countries, India's trade with these most industrialized nations increased by 17 percent to reach $48 billion last fiscal year, accounting for 25 percent of the nation's total trade with the world.
In rupee terms, India's trade with G-8 countries rose by 15 percent during 2004-05, a PHDCCI analysis revealed.
"It is time for India to consolidate its trade with the 8 most industrialized nations of the world and undertake due initiatives to propel it on a higher growth path," PHDCCI president K N Memani said.
Since India has emerged as one of the fastest growing economies of the world, many of the G-8 countries are keen to enhance their market access to the expanding Indian market, he said.
As per the analysis, the share of India's exports to G-8 countries, that include the U.S., Canada, Italy, the UK, France, Germany, Japan and Russia, constituted 33.6 percent of its total exports in 2004-05.
However, the analysis underlined that the share of India's total imports from G-8 countries has come down from 22.5 percent in 2003-04 to 20 percent in 2004-05 in dollar terms.
In absolute terms, they have registered an over $3.6 billion rise to reach $21.4 billion last fiscal, PHDCCI said.