EU keen on furthering trade with India

By agencies   |   Thursday, 21 July 2005, 07:00 Hrs
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HYDERABAD: The European Union (EU), which is India's largest trading partners, would like to see New Delhi further open up many sectors for active bilateral trade.

"EU is interested in financial sector, information technology, pharma and biotech among others. But India is still a relatively closed market which should be opened up," Mariella Cantagalli, first secretary (trade and economic section), delegation of European Commission in India, said here today.

She said banking; insurance, entertainment and print media should be liberalized to allow more foreign direct investment (FDI).

India can be benefited immensely from the Generalized System of Preferences (GSP), which was in force from 2004, Cantagalli said.

"About 7,200 Indian products will be allowed for trading under GSP," she added.

EU is India's largest trading partner and accounts for 26 percent of India's exports and 25 percent of imports. So far, over $70 billion FDI has flowed into India from EU.

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