Germany backs India against protectionism

• Against the backdrop of growing voices in the U.S. opposing outsourcing, Germany on Thursday lent support to India in its effort to fight protectionism.
• The state of Ohio is the U.S. had last month banned offshore outsourcing by government departments. Earlier, the U.S. increased professional visa fees significantly to fund a $600 million programme to secure its border with Mexico.
• Germany would take the lead to help formulate a Free Trade Agreement between India and the European Union.
• Indian equity investment in Germany is currently of only around Euro 33 million annually.
• During the 2007 visit of German Chancellor Angela Merkel to New Delhi, the two countries had decided to increase their bilateral trade to euro 20 billion by 2012. The annual trade between India and Germany in 2009 was euro 13 billion.
• Germany is the eighth largest investor in India. Their investment in India is currently around euro 600 million annually.