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Kamal Nath Calls for Increasing Indo-Romanian Bilateral Trade
New Delhi, March 05, 2008
Kamal Nath, Union Minister of Commerce and Industry, has
called for increasing the bilateral trade between India and
Romania, considering the untapped opportunities for exploiting
the potential for growth. This he said during the bilateral
meeting with Varujan Vosganian, Minister of Economy and
Finance, Government of Romania, here today. He further
explained that Indo-Romanian trade which stagnated over the
last decade is now on the upswing. Bilateral trade has grown
from US $ 68 million in 2000 to US $ 430 million during
2006-07, and added that India has a vibrant SME sector and
engagement by SMEs on both sides would strengthen the
foundations of the trade relationship. The bilateral meeting
was attended by Ajay Shankar, Secretary, Department of
Industrial Policy & Promotion; G.K. Pillai, Commerce
Secretary; R.S. Gujral, Director General of Foreign Trade;
senior officials from the Ministries of External Affairs,
Petroleum & Natural Gas and Chemicals & Fertilisers and
representatives from the industry organisations and apex
chambers.
During the meeting, Kamal Nath stated that the Indian economy
is one of the fastest growing economies in the world and it is
also the fourth largest in terms of purchasing power parity.
Both sides noted about the B-2-B engagement would take the
bilateral trade relationship to higher levels.
On FDI front, the Minister underlined that FDI policies have
been further liberalised and many new sectors have been opened
to FDI recently and on automatic route upto 100% in most
sectors. Kamal Nath informed the Romanian Minister that
infrastructure sector in India is an opportunity for
investment and has the promise of sustained high levels of
returns.
As regards multilateral trade, Kamal Nath said that India
remains committed to a rule-based multilateral trading system.
The success of Doha Development Round of WTO negotiations is
of paramount interest to India. At the same time, we need to
ensure that structural anomalies in world trade are corrected.
Major export items to Romania are: iron ore, drugs,
pharmaceuticals & fine chemicals, machinery & instruments,
processed minerals and plastic & linoleum products. The major
import items from Romania are: iron & steel, machinery except
electric & electronic, transport equipments, wheat and
Metalifers ores & metal scrap.
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