INDIA’S EXPORTS TO NETHERLANDS UP BY 11.5%
RUDY MEETS NETHERLANDS FOREIGN TRADE MINISTER
Date : 25 Nov 2002
Location : New Delhi
India’s exports to Netherlands have shown a considerable growth of 11.5% in the first four months (April-July) of 2002-03 at US $ 307.17 million over US $ 274.38 million in 2001-02. The bilateral trade between the two countries (US $ 420.52 million) also increased by over 10% during the same period. This was indicated by Shri Rajiv Pratap Rudy, Minister of State for Commerce & Industry, during his meeting with the Netherlands Minister for Foreign Trade, Mr. Joop Wijn and the Minister for Development Cooperation, Ms. Agnes Van Ardenne, here today. Shri Rudy pointed out that there was vast potential for increasing Indian exports to Netherlands in the sectors of textiles & garments, leather & leather products, electronic & computer software, light engineering products, ceramic products, sports goods etc.
During the meeting, Shri Rudy informed that Netherlands had ranked seventh in the list of countries from which FDI has been approved in India. Total FDI approved from the Netherlands during 1991-2002 (up to 31st May, 2002) is Rs. 87,926.13 million. The top sectors of FDI inflow from Netherlands includes telecommunications, financial & non-financial services, food processing, horticulture etc. Shri Rudy gave a brief overview of the economic reforms India is undergoing and asked his counterpart to take advantage of India’s liberal and transparent investment regime. India has reduced the tariff and taxes on many specific items which are of interest to EU, he added.
Regarding WTO, Shri Rudy drew attention of the visiting Minister towards the fact that India was actively participating in all the elements of the Doha Work Programme and stressed the importance of the development focus of the Doha mandate. The visiting Minister informed that India was one of the ten largest recipients of Dutch financial assistance under the Dutch Development Cooperation Programme. He emphasised the importance of increasing the economic cooperation between the two countries from the current level and said that there was a need to explore new areas to realise this.
Major items of India’s exports to Netherlands are cotton textiles, cashew, drugs & pharmaceuticals, organic/inorganic/agro chemicals, handicrafts, leather goods etc. The major imports from Netherlands include organic chemicals, project goods, vegetable oils, machinery, electronic goods, transport equipment etc.