India will soon cement its position as a significant trade growth factor, and this is good news for growth on routes from Europe to the Middle East and Asia, says Drewry in a new analysis. After 20 years on hold, negotiations for a free-trade agreement between Europe and India have now been reopened.
Eastbound container traffic from Europe to the Middle East and Southeast Asia grew 18.3 percent in November, compared to the year before, and with trade conditions improving this growth is expected to continue. Organizations from the US as well as Europe are expected to support this development, and in December these organizations sent a joint letter to Indian trade minister Nirmala Sitharaman calling for the country to lift barriers for trade as well as investments that prevent foreign companies from supporting India's economic growth. In comparison, westbound traffic grew 6.6 percent in the same period.
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