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India, Finland for better trade ties

Our Bureau

NEW DELHI, July 10

INDIA and Finland have resolved to boost bilateral trade and push the existing trade volume of $200 millions to a substantially higher level in the near future.

This was agreed to at the twelfth meeting of the Indo-Finnish Joint Economic Commission held recently in Helsinki. It was also decided to put in place an agreement for promotion and protection of bilateral investment, besides proposing to consider the fe asibility of signing an agreement or MoU for cooperation in the field of science and technology and a similar MoU on cooperation in the environment sector.

Both sides also reviewed the ongoing cooperation in energy and power sectors and stressed the need to deepen the same. The Indian side hailed Finnish technologies in various sectors and participation of Finland in the modernisation of Indian ports and sh ipping sector. An invitation for exchange of delegations in the IT sector was also suggested. A list of action points for promotion of trade and economic cooperation was formulated in the meting and it was decided to follow it closely. The Finnish Minist er for Trade, Mr. Kimmo Sasi, will visit India in September.

Indo-Finnish bilateral trade is currently in favour of Finland from where India imports paper boards, manufactures, newsprint, organic chemicals, non-ferrous metals. Almost half of India's imports from Finland consist of machinery/electronic goods and pr ofessional instruments. Major exports from India to Finland include garments, carpets, manufactures of metals, handicrafts and gems and jewellery.

While the Indian delegation was led by Mr. Nripendra Misra, Additional Secretary, Department of Commerce, the Finnish side was led by Mr. Jorma Julin, Director-General in the Foreign Affairs Ministry of Finland.