India-EU to double bilateral trade to $100 bn: Kamal Nath

Marseilles (France), Sep 29 (IANS) India and the 27-nation European Union (EU) are set to clinch a landmark trade and investment agreement next year, and will double their bilateral commerce to $100 billion, Commerce Minister Kamal Nath said Monday.

"We are planning to double India-EU trade to $100 billion in another five years," Kamal Nath told IANS.

The trade between India and the EU is currently estimated at around $50 billion.

"We are confident of concluding a trade and investment agreement with the EU next year," said the minister, who is here with a high profile Indian delegation, said.

"It is going to be the biggest ever trade agreement between any two sides. India is a trillion dollar economy and the EU eco is over 12 trillion dollars." Kamal Nath said.

"It's going to bring enormous benefits to both sides."

Prime Minister Manmohan Singh, leading the Indian delegation, is currently in France.

India and the EU began their ninth summit Monday in this port city of France. The two-day talks will culminate in the signing of a joint statement and a revised plan of action to improve their relationship.