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India - Greece Economic and Commercial
Relations
Greek Economy
Greece
is among the smallest of the economies in the European
Union with a population of 10.7 million. The basis of
Greek economy is agriculture, tourism and shipping.
Greece has enjoyed fairly strong growth over the past
few years with relatively low inflation. Greece’s GDP
in 2002 was US$203 billion and real GDP growth 4%. For
2003 the real GDP growth was estimated at 3.7% with
inflation at 3.1%.
Indo-Greek Economic
Relations
FICCI and ASSOCHAM
have signed an agreement with the Athens Chamber of
Commerce and Industry to establish a Joint Business
Council. An Agreement of Cooperation was signed between
ITPO and the Hellenic Foreign Trade Board (HEPO) in
November 1996. ITPO has organised participation of Indian
companies in the Thessaloniki Inernational Trade Fair
in the past. The fourth meeting of the Indo-Greek Joint
Economic Committee was held in Athens in 1999.
Trade
Greece’s global exports
in 2002 were US$ 12.6 billion and imports US$ 31.4 billion.
Their major trading partners are Germany, Italy and
other OECD countries.
Indian export to Greece
in 2002 amounted to US$ 177.2 million and imports from
Greece US$ 123.3 million.
Trade figures
during the last few years are given below:
US$ Million
|
Year
|
Export from India
|
Import from Greece
|
Total trade turnover
|
|
1998
|
110.7
|
9.9
|
120.6
|
|
1999
|
97.9
|
34.8
|
132.7
|
|
2000
|
113.3
|
40.8
|
154.1
|
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2001
|
144.8
|
40.5
|
185.3
|
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2002
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177.2
|
123.3
|
300.5
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The main items of Indian
exports are marine products, cotton yarn, fabrics, transport
equipment, coffee, dyes/intermediates and coal tar chemicals,
sesame and niger seeds, handicrafts, RMG cotton and
accessories, leather garments, cashew, machinery and
instruments, meat and preparations, plastic and linoleum
products, fresh fruit and leather footwear.
The main items of
import into India are petrol, petroleum products, manufactures
of metal, specialised machinery for particular industries,
leather, leather manufactures and dressed fur-skins,
general industrial machinery, equipment and machine
parts.
Source
: Indian High Commission, Greece
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