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India, Croatia spot areas to drive trade

Our Bureau

NEW DELHI, Sept. 13

INDIA and Croatia have identified areas of further co-operation to boost bilateral trade volume, following discussions at the fifth session of the Indo-Croatian Joint Economic Committee held in Zagreb (Croatia) on September 11-12.

According to an official statement here, India has recognised Croatia's importance as an economic gateway to South Eastern Europe and in the context of Croatia becoming a member of the WTO, its role in promoting India's trade with the region has assumed added significance.

Due to the large potential of India's trade with the south eastern region of Europe, the Indian delegation, led by Special Secretary, Ministry of Commerce & Industry Mr Nripendra Mishra, focussed on ways to enhance economic relations with Croatia. The In dian delegation also consisted of representatives from the Shipping Corporation of India and the Exim Bank of India. The Croatian side was led by its Deputy Minister of Economy, Government of Croatia, Mr Neven Mimica.

It was also decided that the agreement on a bilateral investment protection pact would be signed during the next high-

level bilateral visit. The negotiations in respect of the pact have been concluded. Both countries have also resolved to have in place a pact for avoiding double taxation.

On the sidelines of the Zagreb meeting, an air service agreement was also signed between India and Croatia, facilitating flow of tourists to either country and promoting higher degree of economic exchange as also movement of cargo directly.

Both sides also agreed that Exim Bank of India and the Croatian Bank of Reconstruction and Development would sign an MoU to facilitate institutional co-operation in the realm of financial and banking arrangements. Croatia also agreed to use Exim Bank's e xpertise in institution-building for the creation of export financing programmes in Croatia.

They also resolved to forge links and take joint initiatives to participate in bilateral projects including formation of joint ventures in certain specific areas such as software/electronics, drugs, chemicals and pharmaceuticals, information technology, energy , infrastructure, telecom, mechanical engineering, machine tools and textiles and footwear.