India-EU to ink trade pact by 2009, set 100 bl Euro target

MARSEILLES (FRANCE): India and the European Union (EU) on Monday agreed to conclude a broad-based Trade and Investment Agreement by 2009 and double their trade turnover to 100 billion Euros in the next five years, giving a fresh impetus to their strategic partnership.

The decision was taken during the Ninth India-European Union(EU) summit which was attended by Prime Minister Manmohan Singh and French President Nikolas Sarkozy in his capacity as chairman of the rotating presidency of the 27-member EU in this resort town of French Riveira.

Addressing a joint press conference with Sarkozy and European Commission President Manuel Barrosa at the end of the day-long summit, Singh announced that the world's two largest trading partners are expected to wrap up the ambitious Trade and Investment Agreement by 2009.

A Joint Press Communique issued at the end of the Summit said EU and India recognised the importance of conclusion of the trade agreement to fulfill the expectations of businesses on both sides and to further strengthen the bilateral economic relationship. Towards this end, the communique said they will endeavour to achieve a balanced and ambitious outcome.

While welcoming the signing of a landmark horizontal civil aviation agreement which will allow more airlines to operate flights between India and EU countries, the communique said they are working on a maritime transport agreement that will be mutually beneficial.

Sarkozy at a joint press conference with Singh and European Commission President Barrosa said trade expansion and a new trade agreement will be important pillars to give a new dimension to Indo-EU strategic partnership.