The EU and India agree to move its trade relationship forward

The 12th summit between the EU and India ended with the commitment of common determination to move the EU-India relationship forward, especially in the field of trade. In addition, it has been recently published that the EU trade in goods with India increased by 20% in the first ten months of 2011. Therefore, the EU remains India's biggest trading partner.

The 12th EU-India summit which took place on 10 February in New Delhi ended with the commitment of both, the EU and India, to the deepening comprehensive bilateral relations. The previous summit was celebrated in 2009. India and EU, as long-standing strategic partners, are committed to working together with a balanced and result-oriented approach, bearing in mind each sides’ respective development priorities, based on common shared values, relating to democracy, rule of law, civil liberties, fundamental freedoms and respect for human rights. Leaders of the EU and India discussed bilateral, regional and multilateral issues of mutual concern with a view to, inter alia, strengthen their multifaceted bilateral cooperation, coordinate responses to regional issues, and tackle international challenges including the current financial crisis.

At the end of the summit, leaders welcomed the business summit held on the margins of the summit and agreed to continue working towards an improved business climate including facilitating the exchange of information on opportunities for further collaboration, underlining the importance of dialogue and cooperation between their respective business communities.They also underlined the importance of international trade to the recovery of the international economy and reaffirmed their commitment to the Doha Development Agenda and to combating protectionism.

On the other hand, Eurostat the statistical office of the European Union, issues data on trade and investments between India and the EU on the occasion of the 12th European Union - India summit. Figures show that EU trade in goods with India reached a peak in 2010, after the decrease recorded in 2009 which interrupted a period of growth since 2001. In fact, the overall value of EU trade reached €84 billion in 2010. Germany was the largest exporter to India in the first ten months of 2011, followed by Belgium, the United Kingdom, Italy and France. The United Kingdom and Germany were the largest importers, followed by Belgium, Italy and France.