India and the Southeast Asian nation Cambodia are in talks to cooperate on UPI-based digital payments to boost trade and tourism, the Commerce Ministry said on Thursday.
The two sides also discussed diversifying the trade basket by identifying new products, bilateral investment agreement, approval of the Indian Pharmacopoeia and cooperation in the pharmaceutical sector.
These issues were discussed at the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) held here on Wednesday.
A pharmacopoeia is a set of standards and quality specifications for the ingredients, preparations and dosage forms of pharmaceutical products manufactured, sold, consumed or exported in a country.
The Indian Pharmacopoeia Commission (IPC) is an autonomous body 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 towards cooperation in (Unified Payments Interface) UPI-based digital payments to boost trade and tourism,” the statement said.
India is already working with countries like the UAE on UPI.
The meeting was co-chaired by Siddharth Mahajan, Joint Secretary at the Ministry of Commerce, and Rong Khambichet, Director General of the Department of International Trade at the Cambodian Ministry of Commerce.
Mahajan spoke about steps being taken to deepen bilateral trade and investment and also stressed on establishing mechanisms for cooperation and collaboration in areas of mutual interest.
The Cambodian side detailed the numerous investment opportunities that Cambodia offers to Indian companies.
The JWGTI will be held virtually for the first time in July 2022. This was the first physical meeting since it was institutionalized.
Cambodia is part of a 10-nation Asian bloc. ASEAN (Association of Southeast Asian Nations) members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
India has free trade agreements with several Asian countries, which came into force in 2009.
India-Cambodia bilateral trade is set to increase to USD 403.78 million (exports USD 185.39 million and imports USD 218.40 million) in 2023-24 from USD 366.44 million in 2022-23.
The major commodities exported from India are pharmaceuticals, beef, automobiles (cars, motorcycles and spare parts), raw leather and chemicals. Major import commodities include chemicals, vegetable oils, clothing and footwear.
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First Edition: June 21, 2024 | 12:18 AM IST