Dr. Michael Frendo, Foreign Minister of Malta, called on Union Minister for Commerce and Industry, Shri Kamal Nath here this evening. Shri Kamal Nath said that with Malta having recently joined the European Union, it makes a useful interlocutor for India's trade policy negotiations with the European Commission. Referring to multilateral trade issues, he said that in respect of Non Agricultural market Access (NAMA), India favoured a formula that focused on addressing the issues of tariff peaks, high tariffs and tariff escalation on products of export interest to developing
countries as this was the only way to get an equitable result in the trade negotiations.
Both India and Malta have signed a bilateral agreement for the avoidance of double taxation. Malta's potential importance lies in its economic complementarity and its English speaking work force. Cooperation with Malta would be useful to India to enhance its exports to European Union countries.
Bilateral trade between India and Malta has been increasing over the years, touching US $ 98 million in the year 2003-04, and registering a growth of over 300 percent over the previous year. Petroleum products constitute the major exports from India. Imports from Malta include electronic goods, electrical machinery, and professional instruments.
(Release ID :7611)