India and Slovenia
have agreed to increase and diversify bilateral trade on a mutually
beneficial and balanced basis, taking note of the considerable
scope for increasing the volume of trade and the fact that current
trade exchanges do not reflect the real possibilities between
the two countries. Towards this end, both sides have agreed
to promote traditional as well as non-traditional/emerging/
niche product groups in order to diversify the export basket.
This is indicated in the Protocol of the 4th Session
of the Joint Committee on Trade & Economic Cooperation between
India and Slovenia, which was signed here on Friday, by Shri
S. N. Menon, Additional Secretary, Ministry of Commerce &
Industry, on behalf of the Government of India and Ms. Renata
Vitez, State Secretary for Foreign Economic Relations, Ministry
of Economy, on behalf of the Republic of Slovenia.
Both sides noted
that liberalisation of trade in recent years and the larger
involvement of the private sector in the foreign trade of both
the countries have contributed significantly to the diversification
of the range of products offered by both sides, which is reflected
in the uptrend in the last few years. Trade between India
and Slovenia stood at US $ 54.86 million during 2001-02,
which was significantly higher than US $ 35.35 million achieved
in 2000-01. India’s trade with Slovenia turned surplus in 2001-02
with exports to Slovenia estimated at US 28.53 million and imports
from Slovenia valued at US $ 26.33 million. Both sides have
agreed to make joint efforts to promote bilateral economic cooperation
projects and also joint projects for third country markets.
The Indian side invited Slovenia to participate in fairs and
exhibitions in India, particularly the India International Trade
Fair held annually in New Delhi.
Concrete steps
would be taken early by both sides to activate regular exchange
of trade information via electronic transmission and product-profiles
of both countries. Steps would also be taken to develop financial
and banking arrangements. Exim Bank has already concluded
a Trade Facilitation Programme with the European Bank of Reconstruction
& Development which would enable Exim Bank to confirm letters
of credit issued by participant banks in Slovenia. The Slovenian
Export Corporation (SEC) expressed interest in signing a Cooperation
Agreement with its Indian counterpart – the Export Credit Guarantee
Corporation (ECGC) and agreed to forward the draft of the
agreement to the Indian side at the earliest.
Both sides noted
with satisfaction that the Agreement on Avoidance of Double
Taxation have been signed in January 2003 and agreed to finalise
and sign the Agreement on Reciprocal Promotion and Protection
of Investment as early as possible. It was also agreed to sign
the Maritime Agreement and the Air Services Agreement between
the two countries at the earliest.
Cooperation in
the fields of science & technology, industry, transport,
steel, textiles, chemicals & fertilisers, pharmaceuticals,
agriculture, telecommunications, information technology and
tourism was also discussed. The Indian side expressed interest
in supplying textiles such yarn, grey fabrics etc. to Slovenia
for conversion into value-added products and re-export to the
EU countries. The Indian side further suggested a simplified
method to facilitate issue of visas for businessmen.
