INDIA, SLOVENIA TO INCREASE AND DIVERSIFY BILATERAL TRADE
PROTOCOL OF INDO-SLOVENIAN JOINT COMMITTEE SIGNED
Date : 03 Mar 2003
Location : New Delhi
India and Slovenia have agreed to increase and diversify bilateral trade on a mutually beneficial and balanced basis, taking note of the considerable scope for increasing the volume of trade and the fact that current trade exchanges do not reflect the real possibilities between the two countries. Towards this end, both sides have agreed to promote traditional as well as non-traditional/emerging/ niche product groups in order to diversify the export basket. This is indicated in the Protocol of the 4th Session of the Joint Committee on Trade & Economic Cooperation between India and Slovenia, which was signed here on Friday, by Shri S. N. Menon, Additional Secretary, Ministry of Commerce & Industry, on behalf of the Government of India and Ms. Renata Vitez, State Secretary for Foreign Economic Relations, Ministry of Economy, on behalf of the Republic of Slovenia.
Both sides noted that liberalisation of trade in recent years and the larger involvement of the private sector in the foreign trade of both the countries have contributed significantly to the diversification of the range of products offered by both sides, which is reflected in the uptrend in the last few years. Trade between India and Slovenia stood at US $ 54.86 million during 2001-02, which was significantly higher than US $ 35.35 million achieved in 2000-01. India’s trade with Slovenia turned surplus in 2001-02 with exports to Slovenia estimated at US 28.53 million and imports from Slovenia valued at US $ 26.33 million. Both sides have agreed to make joint efforts to promote bilateral economic cooperation projects and also joint projects for third country markets. The Indian side invited Slovenia to participate in fairs and exhibitions in India, particularly the India International Trade Fair held annually in New Delhi.
Concrete steps would be taken early by both sides to activate regular exchange of trade information via electronic transmission and product-profiles of both countries. Steps would also be taken to develop financial and banking arrangements. Exim Bank has already concluded a Trade Facilitation Programme with the European Bank of Reconstruction & Development which would enable Exim Bank to confirm letters of credit issued by participant banks in Slovenia. The Slovenian Export Corporation (SEC) expressed interest in signing a Cooperation Agreement with its Indian counterpart – the Export Credit Guarantee Corporation (ECGC) and agreed to forward the draft of the agreement to the Indian side at the earliest.
Both sides noted with satisfaction that the Agreement on Avoidance of Double Taxation have been signed in January 2003 and agreed to finalise and sign the Agreement on Reciprocal Promotion and Protection of Investment as early as possible. It was also agreed to sign the Maritime Agreement and the Air Services Agreement between the two countries at the earliest.
Cooperation in the fields of science & technology, industry, transport, steel, textiles, chemicals & fertilisers, pharmaceuticals, agriculture, telecommunications, information technology and tourism was also discussed. The Indian side expressed interest in supplying textiles such yarn, grey fabrics etc. to Slovenia for conversion into value-added products and re-export to the EU countries. The Indian side further suggested a simplified method to facilitate issue of visas for businessmen.