New Asian powers now India's major trade partners: President

Last Updated: Sun, Jan 20, 2013 15:40 hrs

Kolkata, Jan 20 (IANS) Noting that there has been a directional shift in India's trade, President Pranab Mukherjee Sunday said new Asian powers have emerged as India's major partners now.

"There was a time when 80 percent of our export destination was Europe, America and other developing countries. That scenario is not available today. For the past two consecutive years, export to Europe has shrunk considerably," said Mukherjee.

However, during the same time, India' exports have increased substantially "because new Asian powers - called Asian tigers- are emerging as major partners", the president said while inaugurating the new terminal of Netaji Subhas Chandra Bose airport.

With China emerging as India's second major trade partner, the President said the importance of Kolkata airport can hardly be over-emphasised.

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