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Sixth India-EU Summit to focus on removing trade-barriers

The Summit provides a high level business forum to develop strategic alliances - across functional areas - business, economic and social.

india Updated: Sep 06, 2005 10:31 IST

The Sixth India-EU Business Summit to be held here on September 7 would focus on removing existing trade-barriers and develop a trade defence mechanism to increase the rate of bilateral trade to 30 per cent from the present 20 per cent.

"The objective of the sixth business summit is to find out how to develop business relations with the expanded European Union (EU) and explore new avenues of trade so as to take the growth rate to 30 per cent from the current level of around 20 per cent growth," said N Srinivasan, Director General, Confederation of Indian Industry (CII).

He said that manufacturing, infrastructure, financial institutions and services other than financial institutions like Information Technology (IT) would be main focus of the summit.

Lauding the achievements of the summit in the last five years, Head of Section Trade and Economic Affairs, European Union, Stefano Gatto said that the summit provides a forum to deal with common problems and raise issues of mutual concern.

"Till a few years ago, India was not much in mind of the business community of the EU. But now, they are looking it as an emerging economic power," said Gatto.

"India is no longer looking only for investment from entrepreneurs of the EU or other developed countries, but Indian entrepreneurs are investing in a big way in those countries," said Amit Mitra, Secretary General, Federation of Indian Chambers of Commerce and Industry (FICCI).

"India is looking forward to improve economic engagement with the 10 new EU members with which the current trade is very low but have a huge potential for growth," said Mitra.

The Sixth India-EU Business Summit which is being organised by FICCI and CII in collaboration with Ministry of Commerce and Industry in partnership with the Confederation of British Industries (CBI).

Prime Minister Manmohan Singh and his British counterpart Tony Blair and European Commission President Jose Manuel Barroso are scheduled to address the summit among others in which over 300 Indian and 60 EU business delegates are expected to participate.

The Summit provides a high level business forum to develop strategic alliances - across functional areas - business, economic and social.

This would be the first summit after the expansion of the membership of the European Union from 15 to 25 on May 1, 2004.