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India, Cambodia discuss on investment treaty, collaboration in UPI and traditional medicine

World Thursday 20/June/2024 16:41 PM
By: ANI
India, Cambodia discuss on investment treaty, collaboration in UPI and traditional medicine

New Delhi: India and Cambodia deliberated on cooperation in traditional medicine and e-governance, diversification of the trade basket by identifying new products, bilateral investment treaty, recognition of Indian Pharmacopoeia and collaboration in the Pharma sector.

The second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) was hosted by India, the Ministry of Commerce and Industry informed in a press release.

The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Siddharth Mahajan and Director General for International Trade, Ministry of Commerce, Kingdom of Cambodia, Long Kemvichet. The representatives of stakeholder Ministries also participated in the meeting.

Siddharth Mahajan mentioned the measures for deepening bilateral trade and investment and also emphasised on creation of mechanisms for cooperation and collaboration in sectors of mutual interest, the release added.

The meeting deliberated on cooperation in Traditional Medicine and e-governance, diversification of the Trade Basket by identifying new products, Bilateral Investment Treaty, Recognition of Indian Pharmacopoeia and collaboration in the Pharma Sector.

The meeting discussed the progress of the ongoing efforts for collaboration in Unified Payment Interface (UPI) based digital payment to promote trade and tourism.

The Cambodian side elaborated on the numerous investment opportunities that Cambodia presents for Indian businesses. These opportunities span over various sectors with high growth potential.

The JWGTI was first held in July 2022 virtually. This was the first physical meeting of the JWGTI after it was institutionalised.

The JWGTI discussed various measures to improve the value and the quantum of trade to facilitate the expansion of trade and to promote investment. Both the sides were unanimous on the need for having more interaction for concrete mutual benefits.