Brussels - 04-12-2003 Organised by Global Organisation of People of Indian Origin (GOPIO - Belgium) In Association with The Embassy of India Brussels

Continued from page 4

At the Indo-EU Business Summits, we have talked about raising the current level of trade of Euros 25 billion to Euros 35 billion by 2005 and double it to Euros 50 billion by 2008. We must take stock today and take a view whether our present level of relationship and understanding is good enough to achieve these targets. We are encouraged by the initiatives that the industry itself has taken. It has made joint recommendations for promoting the flow of trade and investment in certain specific sectors. Joint action plans have also been prepared. We must review past actions and stimulate future measures at the earliest. Such academic level studies will be meaningful only if they are backed by strong and timely follow-up measures and greater flow of investments.

To what extent the above objectives will be fulfilled will be tested by the existence of commitment and willingness in industry on both sides to ensure that they positively influence the trade policies including the curtailment of use of so called trade protection or defence measures. Sadly, this is yet to become evident. In my own view, such models of cooperation already exist in several areas. Diamond sector is a shining example of this cooperation. Both India and Belgium have emerged as the key players in this sector solely because of mutual cooperation although neither the source nor the final market for this product lies either in India or EU. This example exhorts us to not only exploit each others' domestic markets but also to jointly work together to prise open the third country markets. We have also solved problems relating to perceived unfair trade practices in some other sectors e.g. marbles and stones in the past through such mutual understanding. The industry and business of both sides should keep in touch with each other throughout the year rather than only meet at summit meetings alone. Through such continuous interactions, there should be very few occasions for the industries of any of the two sides to indulge in unfair trade practices and cause injury to the industry of the other side. In any case, the EU industry should hardly be afraid of Indian industry, which has only about 1.4% overall share in total EU imports.

In the end, let me once again thank you and wish you a very successful Seminar. We in the Embassy would be eagerly looking forward to the recommendations of this Seminar. I would also like to take this opportunity of personally conveying to all present and future investors that we in the Embassy of India are at your service for acting as catalysts and facilitators and would be happy to be of some service to each one of you.

I also take this opportunity of wishing the Belgium chapter of GOPIO, all the success in all its endeavours.