Categories: Business

India, Ukraine identify potential sectors for bilateral trade

NEW DELHI: India and Ukraine have identified potential sectors where both sides could engage in bilateral trade since presently the share of trade between both sides is quite low as compared to total trade made with the rest of the world. Both sides agreed to share the list of products which they would like to trade.

The 4th meeting of India-Ukraine Working Group on Trade and Economic Cooperation (IU-WGTEC), under the India-Ukraine Inter-Governmental Commission on Trade, Economic, Scientific, Technical, Industrial and Cultural Cooperation was held here on Tuesday.

Indian delegation was led by Bidyut Behari Swain, Additional Secretary, Foreign Trade (CIS), Department of Commerce, Ministry of Commerce and Industry, while the Ukrainian side was led by Oleksiy Rozhkov, Director of Directorate for International Trade and Economic Cooperation and European Integration of the Ministry of Economic Development and Trade of Ukraine.

A protocol was signed at the end of the meeting. The protocol deals with review of trade, cooperation in the field of small and medium entrepreneurship, cooperation in the field of technical regulation (standardisation, metrology, certification, conformity assessment), public-private partnership (PPP) and investment, agriculture, facilitating the access of Ukrainian food products to the market of India, energy sector, finance, granting Ukraine market economy status within the framework of anti-dumping investigations,  and banking and cooperation in tourism.

Status of Trade of the two sides was reviewed.

In 2017-18, exports from India was $330.10 million, imports from Ukraine at $2355.97 million and total trade at $2686.07 million.

In 2018-19 (Apr-Feb) (Prov), exports from India was USD 305.73 million, imports from Ukraine at  USD 1921.70 million and total trade at USD  2227.43 million.

Both sides agreed that trade was far below the potential and there was a need to step up their cooperation to enlarge the trade basket and increase the bilateral trade and investment. There is trade deficit on the part of Indian side and both sides agreed to find out the modalities to reduce it further.

nt

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