NEW DELHE: Nov 23, Reuter: India and other developing nations have little to fear from the European community’s transformation into a single political and economic unit, a member of the European parliament said on Wednesday.
Vicenzo Giummarra, leader of a 13-member delegation to India, told a news conference the transformation which will get fully under way in 1992 would create a stronger community capable of raising aid and lowering trade deficits.
Giumhara, from Italy, gave no details about how this was to be achieved.
But he rejected the concern he said Indian officials had expressed ‘over India’s trade deficit with the community growing larger after 1992.
”We feel that the concerns of 1992 are groundless…there is no cause for alarm but cause for trust and hope,” he said.
An official with the delegation said the deficit had fallen to 3.39 billion dollars in 1987 from 3.84 billion dollars in 1986.
Community exports to India were worth 6.59 billion dollars in 1987 against 6.62 billion in 1986, he said. Imports from India had risen to 3.20 billion dollars in 1987 from 2.78 billion the year before.
Article extracted from this publication >> December 2, 1988
