New Delhi, India and the Southeast Asian nation of Cambodia are negotiating collaboration on UPI-based digital payments to promote trade and tourism, the commerce ministry said on Thursday.
Both sides also deliberated on diversification of trade basket by identifying new products, bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharmaceutical sector.
These issues, among others, were discussed during the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) here on Wednesday.
The pharmacopoeia is a set of standards and quality specifications for the ingredients, preparations and pharmaceutical forms of medicines manufactured, sold, consumed and exported in a country.
The Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of Health and Family Welfare that sets standards for all medicines manufactured, sold and consumed in India.
"The meeting discussed the progress of ongoing efforts for collaboration on UPI (Unified Payment Interface) based digital payment to promote trade and tourism," it said in a statement.
India has already collaborated with countries like the United Arab Emirates on UPI.
The meeting was co-chaired by Department of Commerce Joint Secretary Siddharth Mahajan and Cambodian Ministry of Commerce Director General of International Trade Long Kemvichet.
Mahajan mentioned measures to deepen bilateral trade and investment and also emphasized the creation of cooperation and collaboration mechanisms in sectors of mutual interest.
The Cambodian side explained the numerous investment opportunities that Cambodia presents for Indian companies.
The JWGTI was first held virtually in July 2022. This was the first physical meeting after its institutionalization.
Cambodia is a member of the 10-nation Asian bloc. Asean (Association of Southeast Asian Nations) members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
India has a free trade agreement with Asia and it was implemented in 2009.
Bilateral trade between India and Cambodia increased to $403.78 million (exports $185.39 million and imports $218.4 million) in 2023-24 from $366.44 million in 2022-23.
The main products exported from India are pharmaceutical products, beef, motor vehicles (cars, motorcycles and spare parts), raw hides and hides and chemicals. Major imports include chemicals, vegetable oil, clothing and footwear.
Both sides also deliberated on diversification of trade basket by identifying new products, bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharmaceutical sector.
These issues, among others, were discussed during the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) here on Wednesday.
The pharmacopoeia is a set of standards and quality specifications for the ingredients, preparations and pharmaceutical forms of medicines manufactured, sold, consumed and exported in a country.
The Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of Health and Family Welfare that sets standards for all medicines manufactured, sold and consumed in India.
"The meeting discussed the progress of ongoing efforts for collaboration on UPI (Unified Payment Interface) based digital payment to promote trade and tourism," it said in a statement.
India has already collaborated with countries like the United Arab Emirates on UPI.
The meeting was co-chaired by Department of Commerce Joint Secretary Siddharth Mahajan and Cambodian Ministry of Commerce Director General of International Trade Long Kemvichet.
Mahajan mentioned measures to deepen bilateral trade and investment and also emphasized the creation of cooperation and collaboration mechanisms in sectors of mutual interest.
The Cambodian side explained the numerous investment opportunities that Cambodia presents for Indian companies.
The JWGTI was first held virtually in July 2022. This was the first physical meeting after its institutionalization.
Cambodia is a member of the 10-nation Asian bloc. Asean (Association of Southeast Asian Nations) members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
India has a free trade agreement with Asia and it was implemented in 2009.
Bilateral trade between India and Cambodia increased to $403.78 million (exports $185.39 million and imports $218.4 million) in 2023-24 from $366.44 million in 2022-23.
The main products exported from India are pharmaceutical products, beef, motor vehicles (cars, motorcycles and spare parts), raw hides and hides and chemicals. Major imports include chemicals, vegetable oil, clothing and footwear.
