India GJ export eye on Oceania
Interacts
Trade and
Economic
Cooperation
European
and Oceania countries are major trading partners and major sources of
investments for India and there is huge untapped potential that can be
achieved. India has made efforts in the recent past to take economic ties to
the next level and have some sort of broad based comprehensive trade agreement.
There is a need to take these efforts to a logical conclusion. This was stated
by Commerce Secretary, Dr. Anup Wadhawan, at an interactive session on trade
and economic cooperation with Ambassadors and High Commissioners of European
and Oceania countries in New Delhi.
Dr.
Anup Wadhawan said like most trade negotiations between developing and
developed countries, trade negotiations with EU and Oceania have been
protracted. India is a developing country and EU and Oceania countries are
predominantly developed and because of this our ambitions, aspirations and
sensitivities are at divergence in some specific areas.
He
expressed the hope that India, European Union and Oceania countries will be
able to overcome those issues and in the near future come to an understanding
and reach some sort of formal agreement. It is important to remain engaged at
every level - government, export and trade and investment related institutions,
exporters and businesses to understand the opportunities available in India, EU
and Oceania for business, exporters and importers, Dr. Wadhawan added.
He
also emphasized on the need to appreciate each other’s constraints and try to
find a way forward which is doable for all stakeholders. Bilateral trade
between India and Europe crossed the USD 150 billion mark in 2011-12. Global
slowdown and commodity price fluctuations adversely impacted the trade, but
there are signs of recovery in the recent period. During 2017-18, India’s trade
with Europe stood at USD 130.1 billion, with both exports and imports
registering double digit growth.
India
is the fifth largest export market for Australia, with coal, education –related
travel, vegetable and gold being some of the major items of imports by India.
Major exports from India to Australia include refined petroleum, business
services and pharmaceuticals. New Zealand is also an important market for India
in the Oceania region, especially for its exports of pharmaceuticals, gems and
jewellery, machinery and textiles and apparel.
The
extent of investment linkages is evident from the fact that nearly one-fourth
of FDI inflows into India are from Europe and around 29.8 percent of India’s
overseas direct investments and directed towards Europe.
Nearly,
USD 1034.2 million was invested by companies from Oceania in the Indian market
during April 2000 to December 2018. The Oceania region also accounts for nearly
1.7 percent of India’s overseas FDI, with Australia, Fiji, New Zealand and
Vanuatu being the key investment destinations.
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