Trade Articles

Heading towards the increasing height of the India in the global marketplace, the honorable Prime Minister of India, Dr. Manmohan Singh envisaged on the requirement of building confidence in the international financial system. Here in the Indo-European Union(EU) Business Summit, listing out the 7 pivotal areas of cooperation between India and the European Union on the 'India-EU:New Synergies for Partnership', the prime minister has showed his high concerns toward imperative role playing by the India in the financial system. It has been decided to set out the target of escalating the annual India-European Union trade volume to reach at 100 billion Euro in next 5 years. The summit was organized in the Paris, France, by the Confederation of Indian Industry, Federation of Indian Chambers of Commerce and Industry and MEDEF, France.

Mr. Manmohan Singh has thrown out light on the 7 key areas of cooperation between India & EU and emphasized on the transfer of technology which will help in bolstering the synergies. Further in detailing down these areas of cooperation, he candidly said that the 1st cooperation area would be of infrastructure, which include power generation. He said that the UPA government is firmly devoting towards putting more emphasize towards both rural and urban infrastructure. There is a call of heavy investment in the sectors of power, roads, energy, railways, airports, ports and shows his hope that more foreign direct investment (FDI) would be injected in the Indian marketplace for development of infrastructure level. The 2nd area of cooperation could be service sector, where both India and the EU would enter into the collaboration of mutual benefits.

The Indian prime minister has urged a need of using the vast expertise of the EU in the India's high need of skills up gradation and development of its workforce which would in turns offer enormous help and opportunity. It has been recognized as the 3rd area of cooperation by the Dr. Manmohan Singh. Various synergies in development of the skill will help in going to a long way in encouraging the vocational training. Keeping into consideration the burgeoning demand of the energy and its shortage in the international marketplace, the Prime Minister has characterized out the solar energy development as its 4th area of cooperation, which should be consider due to the imperative requirement. He explained out the various parameters of the National Solar Programme to the present business delegates. The said programme was the part of the National Action Plan on the climate change.

The Civil Nuclear Commerce has been rated as the 5th area of cooperation between the India and the EU by the Indian prime minister. The aforesaid agreement has opened up the new avenues for collaboration following by the Indo-French civil nuclear cooperation agreement. Struck by the present Indian agricultural scenario, Mr. Singh has suggested out the collaboration between the India and the EU, so that the European Union joins hand for the development of the new technologies and various seeds & crop selection policies. He has make out the agriculture sector as the 6th area of cooperation. Finally in explaining out the last area, he said that there is an ample scope of cooperation towards the outer space use. Further he added,"EU could make use of the launch vehicles for meeting launch requirements for small and medium lass payloads.".

Mr. Manmohan Singh impelled the European Union to,"invest in the future of our relationship. India-EU economic and trade ties will not only be to our mutual benefit but will also be a stabilizing force for the global economy. I see a bright future for our partnership built on your innovation, dynamism and enterprise.," Adding to it, ,"We could increase our annual bilateral trade volume to 100 billion Euro within the next five years."