India, Netherlands Formalise Bilateral Trade Engagement Through JTIC

New Delhi, Dec 20 (KNN) India and the Netherlands on Friday announced the establishment of the India–Netherlands Joint Trade and Investment Committee (JTIC) through a Memorandum of Understanding (MoU).

The MoU was signed between the Ministry of Commerce and Industry of the Government of India and the Ministry of Foreign Affairs of the Kingdom of the Netherlands.

Institutional Framework for Trade and Investment Dialogue
The MoU makes the JTIC a formal institutional mechanism for regular dialogue on trade and investment issues. The committee will serve as a dedicated platform to review bilateral trade relations, promote two-way investments, address trade and investment barriers, and explore cooperation in sectors of mutual interest.

Composition and Functioning of the JTIC
The JTIC will meet annually, with meetings to be held alternately in India and the Netherlands. This arrangement is intended to ensure continuity and sustained institutional engagement.

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

Key Objectives and Areas of Cooperation
The JTIC will work towards identifying and addressing existing trade and investment barriers, while also contributing to the development of facilitation measures in priority areas of cooperation. It will promote interaction between chambers of commerce and industry in both countries, with a special focus on MSMEs.

The committee will also explore opportunities to enhance cooperation in sectors of mutual interest, including consultations between governments and the private sector. 

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. 

(KNN Bureau)