These talks – the fifth in a series of biennial bilateral summits – are the latest effort to strengthen Indo-German trade relations and forge stronger corporate obligations. Bilateral trade amounted to $21.9 billion (19.6 billion euros) in the 2017/18 financial year, an increase of 17% over the previous year. Fierce competition between foreign industrial products in the Indian market has led to the sale of machine tools, auto parts and medical supplies from the German middle class to high-tech imports from ASEAN and BRICS countries.     The GTB also shows that the growth outlook for German trade growth has slowed from positive ground (56) in November 2018 to only 45 in November 2019. In November 2019, German Chancellor Angela Merkel met indian Prime Minister Narendra Modi in New Delhi to sign trade agreements on products such as artificial intelligence, cybersecurity and climate change. The couple also discussed investment, foreign policy and security issues between the two countries. The success story has continued recently, with both countries developing their trade relations. India, one of the fastest growing economies in the world, offers different opportunities for German companies. Today, more than 1,700 German companies operate in India and account for about 400,000 direct and indirect jobs. Germany is India`s largest trading partner in Europe and one of India`s top ten global trading partners. Bilateral trade between Germany and India was valued at more than 17.4 billion euros in 2016. Germany is India`s largest trading partner in the EU and the world`s sixth largest trading partner.
Since India embarked on reform and opened its economy in 1991, the volume of trade between the two countries has increased rapidly. India and Germany are conducting an ongoing dialogue in the area of commercial maritime security and counter-terrorism cooperation. The Indian Navy and the German Navy conducted joint exercises for the first time in 2008, following the signing in 2006 of an agreement on cooperation against piracy between the two nations. [Citation required] Given these statistics, both countries have much to gain from increased trade between them. However, the relationship between the Indian economy and the German economy is not perfectly balanced. Trade tensions between India and the United States have intensified since the United States increased tariffs on steel and aluminum imports from India in 2018. More recently, the United States ended $5.7 billion in trade concessions to India under the Generalized Preferences Program for Developing Countries. Bilateral trade between the two countries increased to $24.06 billion in the 2018/1919 financial year, up from $22 billion the previous year, while German companies have invested nearly $12 billion in India since 2000. NEW DELHI (Reuters) – German Chancellor Angela Merkel and Indian Prime Minister Narendra Modi signed far-reaching agreements in New Delhi on Friday to deepen strategic cooperation and exchanged notes on ways to promote bilateral trade. One of the EU`s main objectives in its trade relations with India is to work towards a strong, transparent, open, non-discriminatory and predictable regulatory and trade environment for European companies that trade with India or invest in India, including the protection of their investments and intellectual property. The aim is to contribute to the development of the untapped potential of two-way trade between the EU and India. Merkel, who is in India with several cabinet colleagues and an economic delegation, has begun discussions with Indian Prime Minister Narendra Modi on trade, investment, regional security and climate change.