India – Czech Joint Commission on Economic Cooperation held in Prague

India – Czech Joint Commission on Economic Cooperation held in Prague

India – Czech Joint Commission on Economic Cooperation held in Prague

The eleventh session of India – Czech Republic Joint Commission on Economic Cooperation (JCEC) was held on 22nd – 23rd October 2018 at Prague.

The Indian delegation was led by Minister of State for Commerce & Industry, Consumer Affairs and Food & Public Distribution, C. R. Chaudhary. Miss Marta Nováková, Minister of Industry & Trade of Czech Republic led the Czech side.
 

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The deliberations were marked with the mutual desire to further expand and strengthen relations between the two countries in the economic field.

Technical meeting of 11th session of India-Czech Republic Joint Economic Commission was held simultaneously at Prague. A protocol was subsequently signed by C. R. Chaudhary and Ms. Marta Novakova, Minister of Trade and Industry, Czech Republic.

The Czech side stressed that the Czech Government continues to rank India among the priority countries for promotion of mutual commercial, investment and economic activities and stated that Czech companies are interested to cooperate with Indian partners within the framework of the ‘Make in India’ programme.

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Both sides agreed that the recent growth of global protectionism had negatively affected many countries and concerted effort is required for a positive outlook for the future.

Both sides shared the view that solutions should be sought for closer economic cooperation as well as for promotion of multilateral and inter-regional trade.

The Indian side noted that as per the Indian statistics, bilateral trade between India and Czech Republic crossed USD 1 billion in 2016-17.

Czechoslovakia is preparing a project called Czech Industrial Cluster (CIC) near Bengaluru. The CIC will comprise administrative and production units and will serve as a hub for Czech companies that intend to settle down in India.

The two sides reaffirmed their support to finalizing an ambitious and balanced Broad Based Trade and Investment Agreement (BTIA) between India and the EU.