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The Union Minister of Commerce and Industry Shri Kamal Nath said that both the countries should aim at a bilateral trade of 5 billion dollars per annum in 2 years. Italy is the largest trading partner of India in the European Union and is the gateway for Indian goods to reach European Union. Mr. Kamal Nath expressed concern at the developed countries imposing non tariff barriers in the name of health and consumer preferences. The barriers include enforcing whether a fabric imported from India is having a particular chemical or pesticides or not; the buyer industry wanting to examine the pension laws of the supplying company etc. Such barriers negate the very spirit of WTO. He sought the support of Italy in fighting this. Mr. Kamal Nath said this while addressing the Indo-Italian Joint Commission for Economic Co-operation here today.
A full fledged Italian Business Delegation from Italy will be soon visiting India to strengthen the bilateral trade between the two countries and to diversify the areas of economic cooperation. This was announced by the Italian Minister for Production Activities Mr. Antonio Marzano while addressing the Joint Commission.
The Italian Minister said that about 95 Percent of Italian companies are in the small and medium sectors and they face market access problems in India due to lack of resources. The business delegation from Italy will organize meetings on sector specific issues to identify the problems. An Italian trade fair will soon be opened in Pragati Maidan in New Delhi and the delegation will help India to establish trade fairs in Italy. Italy evinced keen interest in the development of port facilities sea-port management and for greater cooperation in the field of scientific research like biotechnology, nuclear technology etc.
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