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The European Union (EU) is China's largest trading partner. The bilateral trade between China and EU rose 34.6 percent over last year to $137.77 billion, accounting for 16 percent of China's total trade, according to the General Administration of Customs (GAC).

While stating his belief that rescue loans worth 750 billion euros ($924.79 billion) offered by the EU and International Monetary Fund will revive the eurozone economy, Yao noted that due to the crisis, financial markets are seeing frequent fluctuations, dealing a blow to market confidence and delaying the global economic recovery. This means continued sluggish demand.

Euro Zone Sovereign Debt crisis would have “minimum effect” on India’s exports in current fiscal as it has maintained a good track record of successfully overcoming bigger crisis of much larger scale and volume in recent past thus there is no need to be apprehensive on this front as situation would shortly improve, says Finance Secretary, Mr. Ashok Chawla.

Inaugurating ASSOCHAM organized Conference on Banking and Financial Regulators here on Monday, Finance Secretary, however, admitted that India’s exports in short term to European Union and it’s market could face some problem due to it’s ongoing financial crisis.