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New Delhi, Feb. 3 As the roadmap to the India-EU free trade agreement (FTA) is being outlined, industry estimates the potential trade between the two partners to touch $572 billion by 2015.

“This engagement includes both trade in goods and services, with the latter constituting a share of around 57 per cent of the total trade. India’s trade in goods could be around $251 billion and in services around $320 billion with EU under the FTA by 2015,” said the Federation of Indian Chambers of Commerce and Industry (FICCI) in a statement.

At present India’s merchandise trade stands at $79 billion in goods and $32 billion in services. Despite the potential trade, FICCI has expressed its concerns over a number of issues that remain unsettled and could improve India’s export share which currently stands at 1.8 per cent in EU’s world imports of goods, and 1.3 per cent in services.

“Some of the important barriers to trade and investment faced by Indian business in the EU market: the lack of harmonisation of micro-biological standards in EU countries, costly certificates required for exporting fruits, high conformity procedures for CE mark; aflatoxin limits in groundnuts; delay in approvals by European Commission for Indian milk product units; and VAT amongst others,” stated FICCI.

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FICCI for removal of trade barriers with EU

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