India, Serbia-Montenegro sign economic pact
The agreement talks about setting up of a Joint Economic Committee to explore new areas for bilateral trade.india Updated: Feb 07, 2006 19:27 IST
India and Serbia-Montenegro on Tuesday signed a 'Trade and Economic Cooperation Agreement', which includes grant of 'Most Favoured Nation' treatment in trade of goods and services.
The agreement also talks about setting up of a Joint Economic Committee to explore new areas for bilateral trade.
The agreement was signed in New Delhi by Commerce Minister Kamal Nath and by Serbia's visiting Minister of International Economic Relations Predrag Ivanovic, an official release said.
Recalling the traditional cooperation between India and erstwhile Yugoslavia in spearheading the Non-Aligned Movement, Nath said there was immense potential for a mutually rewarding economic cooperation between the two countries in Information Technology, drugs and pharmaceuticals, auto components.
Expressing happiness at the steps being taken by the two countries to renew bilateral ties, Ivanovic said the interest of Indian industry in Serbia and Montenegro had remained limited so far due to lack of information about the prevailing economic climate.
He said the agreement would provide a big boost to the comfort level of Indian companies wanting to explore their market for trade in goods as well as services.
The bilateral trade between India and Serbia-Montenegro during 2004-05 stood at $13.07 million. This comprised exports from India of $9.02 million and imports of $4.15 million.