New Delhi: The second meeting of the India-Cambodia Joint Working Group on Trade & Investment (JWGTI) convened yesterday at Vanijya Bhawan, underscoring a renewed commitment to enhance bilateral economic ties between the two nations. Co-chaired by Siddharth Mahajan, Joint Secretary at the Department of Commerce, Ministry of Commerce and Industry, Government of India, and Long Kemvichet, Director General for International Trade, Ministry of Commerce, Kingdom of Cambodia, the meeting witnessed active participation from stakeholder ministries from both sides.
The deliberations focused on various facets of bilateral economic engagement, with a particular emphasis on expanding trade and exploring new avenues for investment cooperation. Siddharth Mahajan highlighted the importance of deepening trade relations and underscored the need for establishing robust mechanisms for collaboration across sectors of mutual interest.
Key areas of discussion included cooperation in Traditional Medicine and e-governance, diversification of the trade basket by identifying new products, negotiations on a Bilateral Investment Treaty, and the recognition of Indian Pharmacopoeia. The participants also explored opportunities for collaboration in the pharmaceutical sector, aiming to leverage mutual strengths for sustainable growth.
A significant part of the meeting was dedicated to reviewing progress in implementing Unified Payment Interface (UPI)-based digital payment solutions to facilitate smoother trade and tourism exchanges between India and Cambodia. This initiative is poised to streamline financial transactions and bolster economic interactions.
The Cambodian delegation highlighted the country’s burgeoning investment potential across multiple sectors, inviting Indian businesses to explore opportunities in high-growth areas. The discussions underscored Cambodia’s strategic location and conducive business environment as attractive factors for Indian investors.