April 10, 2019
The meet was attended by India’s Department of Commerce and Ukraine’s Directorate for International Trade and Economic Cooperation and European Integration
During the meet, a protocol was signed in relation to foreign trade, cooperation in small and medium entrepreneurship, as well as in the field of technical regulation
India is the third largest exporter of pharma products to Ukraine, while Ukraine has been a reliable source of military technology and equipment for India for decades
For the future, India and Ukraine have identified sectors to expand activities since presently the share of bilateral trade is quite low, compared with trade with rest of the World
The 4th edition of India-Ukraine Working Group on Trade and Economic Cooperation (IU-WGTEC), under the Inter-Governmental Commission on Trade, Economic, Scientific, Technical, Industrial and Cultural Cooperation was held in New Delhi on April 2. The meet was attended by the Department of Commerce, the Indian Ministry of Commerce and Industry, and the Directorate for International Trade and Economic Cooperation and European Integration, Ministry of Economic Development and Trade of Ukraine. The meeting was aimed at boosting the existing bilateral trade as well as facilitating new trade opportunities.
During the meeting, a protocol was signed in relation to foreign trade, cooperation in the field of small and medium entrepreneurship, as well as in the field of technical regulation (standardization, metrology, certification, conformity assessment). The agreement also covered public-private partnership (PPP) and investment, opportunities in agriculture and measures to facilitate access of Ukrainian food products to Indian market. Additionally, the countries are looking to partner in banking and finance, tourism, energy, as well as granting Ukraine market economy status within the framework of anti-dumping investigations.
| Year (in USD$ mn) | Exportsfrom India | Importsfrom Ukraine | Total Trade |
|---|---|---|---|
| 2017-18 | 330.1 | 2,356 | 2,686 |
| 2018-19(Apr-Feb) | 305.7 | 1,921 | 2,227 |
The nations share established trade ties with India being the third largest exporter of pharma products to Ukraine, while Ukraine has been a reliable source of military technology and equipment for India. For the future, India and Ukraine have identified sectors where both sides could expand activities since presently the share of bilateral trade is quite low, compared with total trade made with the rest of the World. The two nations will also partnering in building SMEs, apart from cooperation in Leather, Tobacco, Gems and Jewellery and Tea sectors, apart from investment in railways, aviation, pharmaceuticals and metallurgy.