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EUROPEAN COMMISSION V.P.
VERHEUGEN CALLS FOR
SPEEDY FTA BETWEEN EU AND INDIA AT EICC-GOPIO SUMMIT
Addressing the inaugural session of the EICC-ASSOCHAM-
GOPIO Trade and Business Summit in Brussels on 3 December, the Vice
President of the European Commission Mr. Günter Verheugen called upon
the EU and India to make all efforts to boost burgeoning relationship
between them. Verheugen hoped that the dialogue between EU and India for
a free trade agreement would mature in time, benefiting both sides.
"There is now an impasse in the WTO negotiation. We hope this would
soon be resolved. Bilateral trade agreements would cement WTO
agreements," he asserted. He also said that there was a need for
the EU and India to discuss global issues in a more systematic and
serious manner. He noted that India had developed into a large economy
with a growth rate that ranked amongst the highest in the world.
However, he underlined that the challenges India faced were complex and
urgent in nature. On the trade between EU and India he said that total
EU-India trade increased from Euro 9.9 billion in 1991 to Euro 47
billion in 2006.
ASSOCHAM President Mr. Venugopal Dhoot said that the summit comes at a
“symbolic time” referring to the 60 years since Indian independence
from Britain, 50 years since the EU’s founding Rome Treaty and 45
years since the start of bilateral diplomatic relations. He also said
that EU-India trade has come a long way since those political landmarks,
and is currently running at one billion euros ($1.5 billion) a week.
Dhoot said that EU is already India’s largest trading partner and a
major source of investment. Last year the 27 EU nations invested €1.6
billion in India. Newly elected Chairman of the EICC MEP Mr. Christian
Ehler commended the role of the EICC and GOPIO in strengthening the
EU-India relations and said that relations with Asia's second largest
nation - India - are also moving up a gear as they broaden from dialogue
and cooperation to partnership. This shift was epitomised by major
initiatives in 2000. These included the first EU-India Summit and wider
contacts between officials, policy-makers, opinion formers and civil
society. More than 250 entrepreneurs and business leaders from 26 EU
counties including Japan, Saudi Arabia and Lebanon also attended the
Summit. Others who also spoke during the inauguration were Mr. Nirj Deva
MEP, EICC Secretary General and GOPIO Belgium President Sunil Prasad,
Mr. Predeep Wig of the ASSOOCHAM. A MOU between EICC and ASSOCHAM was
also signed during the inauguration.
The European Parliament was the venue for the Business Session of the
Summit on 4 December and Business Session was opened by Art of Living
Guru Sri Sri Ravi Shankar who spoke about role for corporate culture and
social responsibilities. He also called upon business leaders of EU and
India to give attention to environment protection and climate change.
There were more than 12 presentations which dealt with the opportunities
for Indian Entrepreneurs to in the global Merger and Acquisition market
including the emerging issues before the EU and India in the current
free trade negotiation. Others who addressed the business sessions were
MEP Ms. Neena Gill, Chairperson of the European Parliament-India
Delegation; MEP Baroness Emma Nicholson, MEP Jo Lienen. This was the
third such Business Summit jointly organized by EICC and GOPIO. The
ASSOCHAM had sent a high level 25 member delegation to attend the
Summit. Earlier the EICC Board inducted MEP Christian Ehler from
Germany, MEP Bogdan Golik from Poland, Corporate Lawyer Mr. Carl Nisser
from Sweden and Dr. Daniel Sharma from Germany into the Board of the
EICC. The Board also appointed two industrialists Mr. Sanjay Dalmia from
India and Mr. Ravi Mehrotra from UK as Co-Chairmen of the EICC.
[Source:
GOPIO]
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