back to top
    IndiaIndia, Cambodia discuss investment treaty, UPI collaboration

    India, Cambodia discuss investment treaty, UPI collaboration

    Date:

    New Delhi: and South East Asian nation Cambodia are negotiating collaboration in UPI-based digital payment to promote trade and , the commerce ministry said on Thursday.

    Both sides also deliberated upon diversification of the trade basket by identifying new products, bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharma sector.

    These issues among others were discussed during the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) here on Wednesday.

    Pharmacopoeia is a set of standards and quality specifications for ingredients, preparation and dosage forms of medicines manufactured, sold, consumed and exported in a country.

    Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of and Family Welfare which sets standards for all drugs that are manufactured, sold and consumed in India.

    “The meeting discussed the progress of the ongoing efforts for collaboration in (Unified Payment Interface) UPI-based digital payment to promote trade and tourism,” it said in a statement.

    India has already collaborated with countries like the UAE on UPI.

    The meeting was co-chaired by Joint Secretary in the Department of Commerce Siddharth Mahajan and Director General for Trade in the Cambodian Ministry of Commerce Long Kemvichet.

    Mahajan mentioned the measures for deepening bilateral trade and investment and also emphasised on creation of mechanisms for cooperation and collaboration in sectors of mutual interest.

    The Cambodian side elaborated on the numerous investment opportunities that Cambodia presents for Indian businesses.

    The JWGTI was first held in July 2022 virtually. This was the first physical meeting after it was institutionalised.

    Cambodia is a member of the 10-nation Asian bloc. Asean (Association of southEast Asian Nations) members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

    India has a free trade agreement with Asian and it was implemented in 2009.

    The bilateral trade between India and Cambodia has increased to USD 403.78 million (exports USD 185.39 million and imports USD 218.4 million) in 2023-24 from USD 366.44 million in 2022-23.

     

     

     

    Northlines
    Northlines
    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

    Share post:

    Popular

    More like this
    Related

    SC To Hear On July 22 Plea To Seize Money Received By Political Parties Under Electoral Bonds Scheme

    New Delhi, Jul 20: The Supreme Court is scheduled...

    Technological dependence has its drawbacks, says CJI Chandrachud

    Madurai (Tamil Nadu), Jul 20: Chief Justice of India...

    Parliament’s Monsoon Session begins Monday; Union Budget on July 23

    NEW DELHI, July 20: Finance Minister Nirmala Sitharaman will...

    British tried to diminish faith that countrymen had in traditions: Bhagwat

    Pune, Jul 20: RSS chief Mohan Bhagwat on Saturday...