The Hindu : India, Slovenia to step up trade

Online edition of India's National Newspaper
Tuesday, Mar 04, 2003

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India, Slovenia to step up trade

By Our Special Correspondent

NEW DELHI March 3. India and Slovenia have agreed to finalise a bilateral investment protection agreement as well as maritime and air services agreements. Steps would also be taken to develop financial and banking arrangements.

These decisions were taken at a meeting of the joint committee on trade and economic cooperation between the two countries and have been reflected in the protocol signed here last week.

Both countries have agreed to increase and diversify bilateral trade on a mutually beneficial and balanced basis taking note of the scope for increasing trade and the fact that the current trade exchanges do not reflect the real possibilities between the two countries. Both sides have therefore agreed to promote traditional and emerging niche product groups to diversify the export basket.

According to an official release, the trade between India and Slovenia stood at $54.86 million during 2001-02, significantly higher than the $35.35 million achieved in the previous year.

Both sides have agreed to make efforts to promote bilateral economic cooperation projects and also joint projects for the third country markets.

India has invited Slovenia to participate in fairs and exhibitions, especially the annual India International Trade Fair, in the capital.

The Exim Bank has already concluded a trade facilitation programme with the European Bank of Reconstruction and Development which would enable Exim Bank to confirm letters of credit issued by participant banks in Slovenia. The Slovenian Export Corporation (SEC) expressed interest in signing a cooperation agreement with its Indian counterpart — the Export Credit Guarantee Corporation (ECGC) — and agreed to forward the draft of the agreement to the Indian side at the earliest.

Cooperation in the fields of science and technology, industry, transport, steel, textiles, chemicals and fertilizers, pharmaceuticals, agriculture, telecom, information technology and tourism was also discussed. The Indian side expressed interests in supplying textiles such as yarn and grey fabrics to Slovenia for conversion into value added products and re-export it to the European Union countries.

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