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India and Serbia and Montenegro are likely to sign an Agreement on Bilateral Trade very soon. This was indicated at a meeting between the visiting Serbian Minister of Economy and Privatisation, Mr. Predrag Bubalo and Shri E.V.K.S. Elangovan, Minister of State for Commerce & industry, here today. The Agreements on Bilateral Investment Promotion and Protection, Civil Aviation; on Cultural Cooperation; and on Scientific & Technical Cooperation are already in place.
Both the Ministers expressed satisfaction over the growth in trade, but also noted that the current level of two-way trade was well below the potential. India exported goods worth US $ 16.78 million to Serbia and imported US $ 3.64 million, with the total trade accounting for just US $ 20.42 million, during the year 2003-04. Shri Elangovan said that the governments must provide a legal framework and an environment of certainty and clarity for business enterprises to identify opportunities and intensify their cooperation. Referring to the key bilateral agreements already in place, both the Ministers agreed on the need to work out many others and in particular, for innovative measures to boost trade.
The visit of the automobile delegation from Serbia and Montenegro to India in June 2004 has been very satisfactory. A return visit from the representatives of Mahindras has already taken taken place, while Ashok Leyland has also expressed interest in being a strategic partner.
The Indian Embassy in Belgrade is currently exploring the possibilities of having a “Made in India” Exhibition in Belgrade some time between October 2005 and April 2006, Shri Elangovan informed Mr. Predrag Bubalo.
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SB/MRS
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