The Hindu Business Line : Novel steps needed to boost trade with Romania: Maran

THE Governments of India and Romania need to take innovative measures and promote new means and instruments such as consignment sales, operation through escrow accounts and warehousing to maximise trade and investment between the two countries.

This was stated by the Union Minister for Commerce and Industry, Mr Murasoli Maran, in his address at the joint inaugural session of the 15th session of Indo-Romanian Joint Commission and 8th meeting of the Joint Business Council at Bucharest.

Stating that the trade between the two countries remained much below its potential, Mr Maran said that Governments and businessmen together must find innovative means of properly augmenting it.

"The Governments must provide a legal framework and an environment of certainty and clarity for business enterprises to identify opportunities and intensify their co-operation. We already have some key bilateral agreements in place and must work out many others," he said.

Mr Maran also said that India offered unparalleled business opportunities for companies.

On foreign direct investment (FDI), he said that Indian was striving to close the gap and excel China. "While our FDI target is $10 billion per year, some economists feel that our economy can absorb more than $20 billion,'' Mr Maran said.

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