India and Serbia & Montenegro today entered into a ‘Trade and Economic Cooperation Agreement’, which includes grant of Most Favoured Nation (MFN) treatment in mutual trade of goods and services originating in their respective territories, and setting up of a Joint Economic Committee to explore new areas for bilateral trade and to recommend measures for removal of obstacles, if any. The Agreement was signed here by Shri Kamal Nath, Minister of Commerce and Industry on behalf of the Government of India and by Dr. Predrag Ivanovic, Minister of International Economic Relations, on behalf of Republic of Serbia and Montenegro.
Welcoming the new initiative, Shri Kamal Nath recalled the traditional friendship and cooperation between India and the erstwhile Socialist Federal Republic of Yugoslavia in spearheading the Non-Aligned Movement. There is immense potential for a mutually rewarding economic cooperation between the two countries in Information Technology, drugs and pharmaceuticals, auto components etc., he said. Shri Kamal Nath also referred to the ‘India Expo 2005’ organized by the Embassy of India In Belgrade in September 2005 in which many Indian companies participated and were able to secure orders of fairly large amounts.
Expressing happiness at the steps being taken by the two countries to renew and revitalize their bilateral relations, Dr. Ivanovic said the interest of Indian industry in Serbia and Montenegro had remained limited so far due to lack of information about the prevailing economic climate. He expressed confidence that the Agreement would provide a big boost to the comfort level of Indian companies wanting to explore their market for trade in goods as well as services.
The bilateral trade between India and Serbia & Montenegro during the year 2004-05 was of the order of US $ 13.07 million, comprising exports from India of US $ 9.02 million and imports of US $ 4.15 million.
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SB/NSD/MRS
(Release ID :15382)