Focus on enhancing bilateral trade and investment and collaboration in UPI, pharmaceuticals, traditional medicine

The second meeting of India-Cambodia Joint Working Group on Trade & Investment (JWGTI) was hosted by India in Vanijya Bhawan, New Delhi yesterday. The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Siddharth Mahajan and Director General for International Trade, Ministry of Commerce, Kingdom of Cambodia, Mr. Long Kemvichet. The representatives of stakeholder Ministries also participated in the meeting.

Shri Siddharth Mahajan mentioned about the measures for deepening bilateral trade and investment and also emphasized on creation of mechanism for cooperation and collaboration in sectors of mutual interest.

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 institutionalized. 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.

Bilateral trade and investment cooperation expanded via joint working group, advancing UPI integration, pharma recognition and investment ties. Institutionalised bilateral cooperation through the India Cambodia Joint Working Group on Trade & Investment aims to deepen trade and investment ties by diversifying the trade basket and promoting investment. The meeting prioritised exploring a Bilateral Investment Treaty, recognition of the Indian Pharmacopoeia and pharma collaboration, UPI based digital payment integration to facilitate trade and tourism, and cooperation in Traditional Medicine and e governance, with commitment to intensified institutional coordination to implement these initiatives.