India, Cambodia hold talks on investment treaty, UPI collaboration, traditional medicine
- In Reports
- 07:07 PM, Jun 20, 2024
- Myind Staff
India and Cambodia convened the second Joint Working Group on Trade and Investment (JWGTI) meeting, as announced by the Ministry of Commerce and Industry. The meeting, co-chaired by Long Kemvichet, Director General for International Trade of the Ministry of Commerce of Cambodia, and Siddharth Mahajan, Joint Secretary of the Department of Commerce of India, aimed to enhance bilateral relations.
Stakeholder Ministries from both nations participated in the conference, where discussions centred on fostering cooperation in e-governance and traditional medicine. Siddharth Mahajan emphasised the importance of establishing collaborative frameworks in sectors of mutual interest to bolster trade and investment ties between India and Cambodia.
The agenda included initiatives to diversify the trade basket by identifying new products, bilateral investment pacts, and the mutual recognition of Indian pharmaceuticals. Furthermore, the meeting underscored collaborative efforts in the pharmaceutical industry to strengthen economic cooperation and promote shared prosperity between the two countries.
The meeting assessed the current status of cooperation in digital payments, specifically focusing on the Unified Payment Interface (UPI) to facilitate travel and trade support. Cambodian representatives elaborated on various investment opportunities available to Indian firms, highlighting a diverse array of industries poised for substantial growth and development.
The JWGTI held its inaugural virtual session in July 2022, marking the first in-person meeting since its inception. During the session, strategies were deliberated upon to enhance trade volume and value, with a focus on expanding trade and promoting investment opportunities. Both sides agreed on the necessity for increased engagement to achieve tangible mutual benefits.
Regular dialogues and meetings between India and Cambodia are anticipated to strengthen bilateral relations over time. This continuous interaction is expected to bolster India's Act East policy, aimed at enhancing ties with Southeast Asian nations, including Cambodia.
Image source: ANI
Comments