New Delhi, Dec 19 (IANS) India and the Netherlands on Friday announced the establishment of the Joint Trade and Investment Committee (JTIC) to further strengthen bilateral trade, investment and economic cooperation between the two countries.

The MoU, signed between Ministry of Commerce and Industry and Ministry of Foreign Affairs of the Kingdom of the Netherlands, was formally announced on the occasion of the visit of the Dutch Foreign Minister David van Weel to India, and his bilateral meeting with External Affairs Minister (EAM) S Jaishankar.

The MoU provides for establishment of the JTIC, a formal institutional framework for regular dialogue and cooperation on trade and investment matters.

The JTIC will serve as a dedicated mechanism to review bilateral trade relations, promote two-way investments, address investment and trade barriers, and explore collaboration in sectors of mutual interest, Commerce Ministry said in a statement.

The JTIC will meet annually, alternately in India and the Netherlands, ensuring continuity and sustained engagement at the institutional level.

It will be co-chaired by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry of the Republic of India and the Director General (Foreign Economic Relations), Ministry of Foreign Affairs of the Kingdom of Netherlands, and would comprise delegations of both sides consisting of government officials and other members as designated.

The objectives of the JTIC are to contribute to identification and elimination of trade and investment barriers; contribute to identification of trade and investment facilitation measures, including in the focus areas of cooperation; promote interaction between various Chambers of Commerce and Industry between the two countries; especially in Micro, Small and Medium Enterprises (MSME); and explore enhancement of cooperation in sectors of mutual interest including organising consultations between the private sector and the governments.

“The signing of the MoU reflects the shared commitment of India and the Netherlands to deepen their economic partnership, foster resilient and diversified supply chains, and promote sustainable and inclusive growth. It also complements ongoing bilateral and multilateral engagements, reinforcing the strategic dimension of India–Netherlands relations,” said the ministry.

—IANS

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