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India and the Czech Republic have called for stepping up bilateral trade as the current level of trade between the two countries does not reflect the existing potential. Addressing the Joint Inaugural Session of the 6th Indo-Czech Joint Committee on Trade and Economic Cooperation and 4th Joint Business Council, organised by Federation of Indian Chambers of Commerce & Industry (FICCI) here today, Shri S.N. Menon, Commerce Secretary, said that there was scope for further increase in trade for a variety of items and both the countries had the capabilities to diversify the bilateral trade basket to include niche products. “Sectors such as engineering, information technology, packaging, chemicals, pharmaceuticals, medical equipment, food processing industries, bio-technology, science & technology offer opportunities for flow of both trade and investment”, he said. Mr. Miroslav Somol, Vice Minister of Industry and Trade, Government of Czech Republic, addressed the joint session and made a presentation on “Czech-India Trade & Economic Cooperation after Enlargement of the European Union”. This was followed by a presentation on the Indian Economy by Mr. Krishan Kalra, Additional Secretary General, FICCI; address by Mr. Jaroslav Ira, Head of Czech-India JBC and concluding remarks by Mr. N.M. Kejriwal, Chairman, India-Czech JBC, FICCI.
Czech Republic is an important trading partner of India. Bilateral trade between India and the Czech Republic increased from US $ 142 million to US $ 198 million in 2003-04 over 2002-03, registering a growth of 40% during 2003-04 over 2002-03. India’s export as well as import increased by 37% and 121% respectively during 2003-04 as compared to the year before. During the period 2004-05 (April-August) the export to Czech Republic stood at US $ 30.95 million, showing a negative growth rate of 23% whereas imports stood at US $ 59.14 million showing a positive growth rate of 100.11%, as compared to similar period of previous year.
Both sides welcomed the fact that the JBC was meeting along with the Joint Committee and said that the synergy between business and industry and the two governments was a positive aspect of Indo-Czech relations.
Later, the two delegations had official level discussions.
The meeting will conclude with the signing of the Protocol of the Sixth session of the Czech-Indian Joint Commission tomorrow, 17th December, 2004.
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