India and the European Union (EU) have set a target of euro 35 billion by 2005, from the present Euro 25 billion generated through bilateral trade and hope to reach to Euro 50 billion by 2008. During the Copenhagen summit EU has agreed to render assistance for setting up of a global depository of Genetically Modified Organisms (GMO) in India under Budapest treaty. Confederation of Indian Industry (CII) president Ashok Soota said that there are eight sectors-information technology, telecommunication, food processing, power, financial services and textile, where the chamber will work closely with European industry.