Arab Today, arab today germany free trade with india
Last Updated : GMT 08:53:10
Arab Today, arab today
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Germany free trade with India

Arab Today, arab today

Arab Today, arab today Germany free trade with India

Berlin - DW

German Economics Minister Philipp Rösler has urged India to reconsider its reservations about a free trade zone with the European Union. The topic is high on the agenda of a German industry meeting in New Delhi. German Economics Minister Philipp Rösler on Thursday once again threw his weight behind the idea of a free trade zone between India and the European Union. He said on the fringes of an Asia Pacific conference in New Delhi that such a zone would be desirable. But he admitted that talks about the creation of a free trade zone had yielded little results since negotiations started six years ago. Rösler, who was accompanied by a large delegation of business leaders from Germany, mentioned in particular that existing Indian customs duties in the automobile and engineering sectors stood in the way of a quick solution. Lucrative deals possible Rösler said he hoped the conference would provide fresh impetus for further improvements in business ties between Germany and Asia, and India in particular. \"There\'s a big need for infrastructure improvements in Asia, and there\'s a big need for machinery, modern technology and renewables,\" the minister told DAPD news agency. \"In all these sectors, German companies have a lot to offer.\" He added that German firms were interested in getting a bigger foot in the door on the Indian market, but complained about high corruption levels. Despite a number of persistent problems, the trade volume between India and Germany has more than tripled in the past 10 years. In 2011, it amounted to 18 billion euros ($23.3 billion) and is expected to rise to 20 billion euros throughout the current year. According to the German-Indian Chamber of Commerce, more than 1,000 German firms are currently active in India.

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