India, Belarus discuss ways to enhance trade, investment

NEW DELHI: India today discussed with Belarus ways to increase cooperation in sectors like pharmaceutical, fertilisers and information technology to enhance trade and investment between the two countries.

During the meeting of India-Belarus Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, both the sides discussed opportunities to enhance economic ties.

The session was co-chaired by Minister of State for Commerce and Industry E M Sudarsana Natchiappan and Belarusian Industry Minister Dmitry S. Katerinich here today.

"Sectors like pharmaceutical, fertilisers, information technology and research & development offer tremendous potential for cooperation between India and Belarus," an official statement quoting Natchiappan said.

On fertilizer sector, he said that India is looking for long-term contracts for supply of potash to meet its growing requirements.

"Indian companies can also look for opportunities for setting up joint ventures in Belarus for production of potash-based fertilizers," he added.

It said that the 'Belaruain Potash Company' and an Indian counterpart would be nominated to finalise the volumes, terms and conditions of the long-term cooperation agreement for deliveries to India within specified time period.

It was also decided by both the sides that necessary steps will be taken to sign the MoU between the Indian Ministry of Textiles and the Belarusian State Concern for Manufacturing and Marketing of Light Industry Goods on cooperation in the field of textiles, clothing and fashion industries.

Further, it said that Belarus has to recognise it as a market economy country.

"India is considering the issue of grant of market economy status to Belarus within the framework of India's Antidumping Rules. 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," it said.

The Belarusian side flagged the issue related to the introduction and long duration of action of antidumping duties on a number of products like tire cord fabric and acrylics.

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.

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 Eastern European country will provide a draft concept of the Centre and professionals in the field of software to initiate negotiations with the Indian Side.