India, Belarus signed protocol to Enhance Trade Ties

Jul 25, 2013 14:05 IST

India and Belarus signed a protocol on 24 July 2013 to enhance trade ties during the sixth session of the Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation held in New Delhi.

Highlights of the Meeting

• The meeting was held in the direction for strengthening trade and economic relations between the two countries.
• The Belarusian side recommended India to determine an Indian counterpart deputed to negotiate on the long-term cooperation agreement, take decisions and signing of the agreement for the full volume of the deliveries.
• Belarus asked India to recognise Belarus as a market economy country. The Indian side responded that the matter is under active correspondence between the sides. India is considering the issue of grant of market economy status to Belarus within the framework of India's Antidumping Rules.
• The Belarusian side flagged the issue related to the introduction and long duration of action of antidumping duties on a number of products of the petrochemical complex: tire cord fabric manufactured by JSC Grodno Azot and acrylics fibers manufactured by the plant Polymir of the OJSC Naftan.
• Both the sides also agreed to create a Certification Centre of Belarusian companies and professionals in the field of software at the earliest possible time.
• The Belarusian Side will provide a draft concept of the Certification Centre of Belarusian companies and professionals in the field of software to initiate negotiations with the Indian Side.
• Belarus advocated for revocation of the antidumping duties on these goods and expressed the intension to maintain the export of the products to India, mostly of interest to Indian consumers.
• The Indian side stated that the matter is being examined positively and the official decision would be taken before the next session of the Commission.

Both the Countries also signed a protocol after the Meeting as per which both the sides will take necessary steps to sign the Memorandum of Understanding between the Ministry of Textiles, India and the Belarusian State Concern for Manufacturing and Marketing of Light Industry Goods (concern Bellegprom) on Cooperation in the Field of Textiles, Clothing and Fashion Industries.

The Belarusian delegation proposed to hold the 9th meeting of the Business Council "India-Belarus" in 2013 to promote the collaboration of business representatives, as well as agreed to define the dates of the National Exhibition (exposition) of the Republic of India during 2013-2014 in Minsk.

Where is Belarus?

Belarus, officially the Republic of Belarus, is a landlocked country in Eastern Europe bordered by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest.

Quick Digest

Who: India , Belarus

What: signed protocol

Why: to Enhance trade ties

Is this article important for exams ? Yes17 People Agreed
Read more Current Affairs on: Belarus , India , protocol

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