India –Indonesia: CECA negotiations Launched
India and Indonesia set up the negotiations for CECA (Comprehensive Economic Cooperation Agreement). CECA to envelop economic cooperation, trade in goods and services and investment. The trip by Union Commerce and Industry Minister Mr. A. Sharma at the Indonesia-India Biennial Trade Ministers’ Forum (BTMF) in Jakarta takes up importance owing to the fact that India would be taking part in ASEAN and East Asia summits next month at Bali under the chairmanship of Indonesia. Both Govt also settled to set up a working group on trade and investment forum and an additional working group on recognition and removal of trade barriers. Mentioning that India is not free from Foot and Mouth Disease (FMD), Indonesia carries on to inflict ban on import of Indian buffalo meat. India’s argument is India has FMD-free zones. Currently, India exports buffalo meat to more than 60 countries, including Malaysia, the Philippines, Saudi Arabia, Germany, the UAE, Russia and Jordan.
Likewise, delays are faced by the Indian pharmaceutical companies in drug registration and owing to few regulations viz. those needing foreign drug registration holders to set up a production facility in Indonesia within 2 years of registration and an FDI cap of 70%, which restrains Indian exports of pharmaceuticals and Indian investment in the pharmaceutical sector. The prestigious “India Show” will be held by India in Jakarta on March 6, 2012.
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Month: Current Affairs - December, 2011