Following a meeting between of the Joint Czech-Indian Economic Commission,

India and the Czech Republic have decided to increase bilateral trade between the two states on a mutually beneficial and balanced basis.

The enlarged European Union (EU), of which the Czech Republic is now a member, having joined the EU on May 1, 2004,  is expected to provide a new impetus for trade and investment relations between India and the Czech Republic.

India’s Commerce Secretary and the Deputy Minister of Industry and Trade from the Czech Republic agreed to increase efforts to increase exports in non-traditional/emerging/niche product groups such as engineering items; software/ information technology; electronics; plastics; packaging; and chemicals etc. The Czech side suggested more possibilities for the export of presses, textile and leather processing machines and equipment, printing machines, agricultural tractors, components and spare parts, measuring and control equipment, furniture, and sports equipments etc.

According to the latest data provided from Czech statistics, for the first nine months of 2004, trade volume amounted to $234.8 million, with the exports from both sides being almost equal. If this trend continues, 2004 will prove to be a record year for bilateral trade. However, despite positive results, the two sides agreed that the level of trade does not reflect the potential that exists and could be substantially increased.

Both sides have agreed to increase economic cooperation in the areas of power, engineering, especially in auto parts, spares, textile machinery, machine tools, chemical and petrochemical, pharmaceuticals, infrastructure development industries; water & waste treatment and other environmental technologies.

 

 

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