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EU-India Trade Relations Overview

The European Union (EU) is an economic and political union of 27 member states located primarily in Europe. It was formed in 1958 to promote economic cooperation. The EU accounts for 19% of global imports and exports and negotiates trade agreements as a single bloc. Trade between the EU and India has grown significantly, with the EU becoming India's largest trading partner and foreign investor. However, India's trade regime remains relatively restrictive, posing barriers to trade and investment.

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85 views8 pages

EU-India Trade Relations Overview

The European Union (EU) is an economic and political union of 27 member states located primarily in Europe. It was formed in 1958 to promote economic cooperation. The EU accounts for 19% of global imports and exports and negotiates trade agreements as a single bloc. Trade between the EU and India has grown significantly, with the EU becoming India's largest trading partner and foreign investor. However, India's trade regime remains relatively restrictive, posing barriers to trade and investment.

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paradeeptown
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EUROPEAN UNIONS

European union
Globalization is including more and more countries, rich and poor, in the world economy and increasing competitive pressure. This process is changing the context for world trade and increasingly permeating our everyday lives. The development of trade - if properly managed is also an opportunity for economic growth. The key is for the EU economy to be competitive and to build up a body of internationally agreed rules.

Together, the European Union's 27 members account for 19% of world imports and exports. The EU's 27 members negotiate as one on the international scene, through the European Commission. The EU traces its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed by six countries in 1958.

Member states of the EU:


Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom

EU-INDIA TRADE
EU-India trade registered an impressive 150 percent growth--from 9.97 billion in 1991 to 25.52 bn in 2001. India's major trading partners in EU are UK, accounting for 21.4 percent of the two-way trade, followed by Germany with 20.7 percent, Bel-Lux with 19.3 percent, and Italy with 11.5 percent. Since their first bilateral summit in Lisbon in 2000, the Indo-EU trade relations got added momentum with both sides being committed to exploit the potential and scope of their economic relations.

The European Union is of great importance to us as Indias largest trading partner accounting for about quarter of our external trade. It is the largest overseas investor in India. Much of its investment is in high technology areas. A B Vajpayee at India-EU Business Summit at Copenhegen on October 9, 2002

TRADES
Trade in goods EU goods exports to India 2010: 34.7 billion EU goods imports from India 2010: 33.2 billion Trade in services EU services exports to India 2010: 9.8 billion EU services imports from India 2010: 8.1 billion Foreign Direct Investment EU outward investment to India 2010: 3.0 billion Indian inward investment to EU 2010: 0.6 billion

EU investment to India has more than tripled since 2003 from 759million to 3 billion in 2010 and trade in commercial services has tripled from 5.2billion in 2002 to 17.9 billion in 2010. However, India's trade regime and regulatory environment still remain comparatively restrictive and in 2009 the World Bank downgraded the Indian rankto165 from 120 in 2008 (out of 183 economies) in terms of the 'ease of doing business'. In addition to tariff barriers to imports, India also imposes a number of non-tariff barriers in the form of quantitative restrictions, import licensing, mandatory testing and certification for a large number of products, as well as complicated and lengthy customs procedures.

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