Need to tap trade potential with Europe, Oceania countries: ComMin

The commerce ministry Friday underlined the need for realising huge untapped trade potential with European and Oceania countries that have emerged as the major sources of investment.

India has made efforts in the recent past to take economic ties to the next level and there is a need to take these efforts to a logical conclusion, it said in a statement.

Quoting Commerce Secretary Anup Wadhawan, it said that like most trade negotiations between developing and developed countries, trade talks with the European Union and Oceania have been protracted.

"India is a developing country and EU and Oceania countries are predominantly developed and because of this, our ambitions, aspirations and sensitivities are at divergence in some specific areas," he said.

India and the EU are negotiating a comprehensive free-trade agreement but no major movement as happened since May 2013.

He also emphasised on the need to appreciate each other's constraints and try to find a way forward which is doable for all stakeholders.

During 2017-18, India's trade with Europe stood at USD 130.1 billion.

Oceania countries include Australia and New Zealand. India is also negotiating separate trade agreement with both of these countries.