The Hindu Business Line : India seeks Colombia’s help on WTO issues

New Delhi, April 30 India today sought greater cooperation from Colombia on multilateral issues concerning the developing world in the World Trade Organisation (WTO) in the ongoing modalities negotiations for wrapping up the Doha Round.

In the bilateral meeting with the Colombian Minister for Industry and Tourism, Mr Luis Guillermo Plata Paez, here today, the Union Commerce and Industry Minister, Mr Kamal Nath, stated that there was tremendous potential in the Indian leather sector and invited the Colombian entrepreneurs to explore the possibilities of entering into joint ventures and technical collaborations with Indian companies.

Mr Nath said that Indo-Colombian bilateral trade has been growing on a satisfactory note and during 2006-07, the bilateral trade was approximately $653 million (exports – $576 million and imports – $ 76.56 million). Both sides felt that considering the huge opportunities and mutual interests, the volume of bilateral trade is still low and it could be enhanced manifold by joint efforts of governments and trade organisations of the two countries.

Mr Nath further highlighted that India’s economy is growing at a rapid pace and India now ranks among the world’s largest economies. India has also emerged as the fastest growing market in the world for a multitude of products and services, he added.

During the discussions, Mr Nath urged the Colombian Minister for an early finalisation of the Bilateral Investment Promotion and Protection Agreement (BIPPA) and the Double Taxation Avoidance Agreement (DTAA).

Major items of exports from India to Colombia include petroleum (crude & products), transport equipment, drugs, pharmaceuticals & fine chemicals, cotton yarn fabrics, made-ups etc, while the main imports from Colombia cover primary steel, pig iron-based items, coal, coke & briquettes, wood & wood products etc, according to an official release.

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