The volume of trade between the EU and India looks set to total €50 billion by 2008, with textiles being one of the most lucrative trading sectors, Asia Pulse quoted European Commission secretary Mariella Cantagalli as saying.

Cantagalli said that present trade volume between the two stands at €33.2bn, and that the EU was India's biggest trading partner.

Cantagalli said that the EU had pinpointed textiles, financial, information technology, pharmaceuticals and agro-food processing as areas with high potential, while textiles, gems and jewellery, leather, engineering goods, metal and chemicals are all top import categories into the EU from India.