India and Cambodia discuss investment treaty, collaboration in UPI and traditional medicine

India hosted the second meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) on Thursday.

During the meeting, the two nations discussed cooperation in traditional medicine and e-governance, diversification of the trade basket by identifying new products, a bilateral investment treaty, recognition of the Indian Pharmacopoeia, and collaboration in the pharmaceutical sector.

Additionally, the progress of ongoing efforts for collaboration in Unified Payment Interface (UPI) based digital payments to promote trade and tourism was discussed.

Siddharth Mahajan, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, highlighted measures to deepen bilateral trade and investment and emphasized the creation of mechanisms for cooperation and collaboration in sectors of mutual interest.

The Cambodian delegation elaborated on the numerous investment opportunities in Cambodia for Indian businesses, spanning various sectors with high growth potential.

The JWGTI was first held virtually in July 2022. This recent meeting marked the first physical gathering of the JWGTI since its institutionalization.

The group discussed various measures to enhance the value and volume of trade, facilitate trade expansion, and promote investment. Both sides agreed on the need for increased interaction to achieve concrete mutual benefits.