Press Information Bureau

Government of India

Ministry of Commerce & Industry

10-October-2011 14:55 IST

India-Czech Tradeto Touch US $ 2 billion by 2012 – Czech Minister meets Anand Sharma

Shri Anand Sharma, Union Minister of Commerce, Industry & Textiles, has upgraded the Joint Commission for Economic Cooperation with Czech Republic to Ministerial level and has also accepted the invitation of his Czech counterpart for the next meeting of the Commission. Both the sides have also agreed to take the bilateral trade to US $ 2 billion by 2012 from current level of US $ 1.3 billion which in itself is an increase of 26% from the earlier year. The Czech Minister for Industry & Trade, Mr. Martin Kocourek, met Shri Anand Sharma with a high-level Czech delegation here today.

Shri Sharma also stressed the need of a liberal visa regime for business people and suggested that a system of issue of long-term business visa on the recommendations of apex business chambers should be put in place. The Czech Minister agreed that visa regime needs to be addressed more forcefully and informed the Indian side that next week their government will discuss Investment Incentive Act for the Czech Republic and corresponding resolution of visa related issues will form part of the discussion.

On the ongoing India-EU BTIA negotiations, the Czech Minister assured of his country’s support to the negotiations and informed the Indian side that his country is the liberal wing of EU politicians and fully supports the negotiations. Shri Sharma on his part briefed him about his conversation with EU Trade Commissioner, Mr. Karl De Gucht on Friday where both the leaders emphasized that the negotiations should be concluded before the upcoming India-EU Summit.

Shri Sharma expressed happiness over the fact that Czech Republic has launched a National Strategy of Competitiveness. He also informed the Czech Minister that there is a great potential ‘to improve the width and depth of economic engagement between the two countries especially in the areas of information technology, pharmaceuticals, textiles and energy.

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Bilateral trade target seeks to expand commerce, with visa facilitation and support for ongoing trade negotiations. India and the Czech Republic elevated their Joint Commission for Economic Cooperation to ministerial level and agreed to pursue a bilateral trade target of US dollar two billion by 2012. The Indian minister urged a liberalised long term business visa regime recommended by apex business chambers; the Czech side agreed visa issues will be discussed alongside an Investment Incentive Act. The Czech minister offered support for ongoing India-EU trade negotiations and both sides identified cooperation opportunities in IT, pharmaceuticals, textiles and energy.