India and Cambodia discussed working together on e-governance and traditional medicine, finding new items to diversify commerce, UPI, signing a bilateral investment pact, acknowledging Indian Pharmaceuticals, and working together in the pharmaceutical industry.
According to a news statement from the Ministry of Commerce and Industry, India hosted the second Joint Working Group on Trade and Investment (JWGTI) meeting between India and Cambodia.
Director General for International Trade, Ministry of Commerce, Kingdom of Cambodia, Long Kemvichet, and Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Siddharth Mahajan, co-chaired the meeting. Stakeholder Ministries’ representatives attended the conference as well. In addition to mentioning the steps to increase bilateral trade and investment, Siddharth Mahajan highlighted the need to establish systems for cooperation and collaboration in sectors of mutual interest, the release added.
The agenda included discussions on e-governance and traditional medicine cooperation, trade basket diversification through new product identification, bilateral investment treaties, recognition of Indian pharmaceuticals, and cooperation in the pharmaceutical industry.
READ MORE: Asia Poised To Dominate Global Ethylene Capacity Growth by 2030: India And China Lead The Way
The meeting reviewed the state of the ongoing cooperation in digital payments based on the Unified Payment Interface (UPI) to support travel and trade. The Cambodian side discussed in further detail the many investment prospects that Cambodia offers Indian companies. These possibilities cover a wide range of industries with strong development prospects.
Establishment and Purpose of JWGTI
The JWGTI was conducted virtually for the first time in July of 2022. This was the JWGTI’s first in-person gathering following its establishment. The JWGTI deliberated on a range of strategies to enhance the value and volume of commerce to promote trade growth and improve the quantum of trade to facilitate trade expansion and promote investment. Both sides were unanimous on the need for more interaction for concrete mutual benefits.
If dialogues and meetings between India and Cambodia take place regularly, their relationship will improve and get stronger with time. It would boost India’s Act East policy, which aims at strengthening India’s ties with Southeast Asian nations, in this case, Cambodia.
ALSO READ: EAM S Jaishankar Arrives In Sri Lanka for High-Level Discussions
