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INDIA, CZECH REPUBLIC TO DIVERSIFY AND EXPAND TRADE ENLARGED EU TO GIVE NEW IMPETUS TO INDO-CZECH TRADE

Date : 17 Dec 2004
Location : New Delhi
 

India and the Czech Republic have decided to further increase and diversify bilateral trade on a mutually beneficial and balanced basis. Further, the enlarged European Union (EU), of which the Czech Republic is a member having joined the EU on May 1, 2004 is expected to provide a new impulse to broadening trade and investment relations between India and the Czech Republic. This is indicated in the Protocol of the 6^th Session of the Joint Czech-Indian Economic Commission which was signed here today by Shri S.N. Menon, Commerce Secretary, on behalf of Government of India and Dr. Miroslav Somol, Deputy Minister of Industry and Trade, on behalf of the Czech Republic. Both sides have agreed to activate efforts to increase exports in non-traditional/emerging/niche product groups such as engineering items; software/ information technology; electro-technic and electronics; plastics; packaging; chemicals; pharmaceuticals; medical equipment and food processing etc. The Czech side suggested more possibilities for exports of machine tools, presses, textile and leather processing machines and equipment, printing machines, agriculture tractors, components and spare parts, hospital berths and other medical equipment, measuring and control equipment, furniture, sports equipments etc.

According to the latest data provided by the Czech side for the 9 months of 2004, turnover amounted to the US $ 234.8 million, with the exports from both sides being almost equal and indicating for the whole year 2004 a record yearly performance of the bilateral trade over the last decade. However, the two sides shared the view that the level of trade does not reflect the existing potential and could be substantially increased.

Both sides have agreed to increase economic cooperation in the areas of power, engineering, especially in auto parts, spares, textile machinery, machine tools etc.; chemical and petrochemical, pharmaceuticals, infrastructure development industries; water & waste treatment and other environment technologies; food processing industries and electronic & software / information technology. The Czech side said that the opening of civil aviation operations by Indian carriers between the Czech Republic and India would be welcomed and supported by the Czech authorities.

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SB/MRS