India, Armenia review bilateral trade, ties

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SME Times News Bureau | 06 Nov, 2017
India and Armenia on Friday reviewed bilateral ties across multiple sectors in a bilateral meeting between Prime Minister Narendra Modi and Armenian President Serzh Sargsyan.

The two leaders discussed bilateral as well as regional and multilateral issues during the course of the meeting.

"The two sides reviewed present status of bilateral relations and discussed ways to further strengthen future cooperation in diverse areas including political, defence, space, trade and investment, science and technology, education, culture and people to people contacts," an External Affairs Ministry statement said.

"Specific areas with potential to propel bilateral trade and economic relations were discussed including in the sectors of food processing, renewable energy, pharmaceuticals and healthcare, information technology, mining and jewellery," it said.

Data made available by the External Affairs citing Statistical Service of Armenia, the bilateral trade stood at $32.3 million only.

India's imports from Armenia were at $0.4 million and exports to Armenia stood at $31.9 mn again favouring India.

Indian exports to Armenia consist of bovine meat, agricultural products, electrical equipment, cut and polished diamonds, optical equipment, plastics, pharmaceuticals, cosmetics, garments and other chemical goods and cars, while Armenia's exports include non-ferrous metals and rawrubber.

In Friday's meeting, both sides agreed that early conclusion of an India-Eurasian Economic Union free trade agreement would unleash huge opportunities in increasing bilateral trade.

Earlier on Friday, Sargsyan attended the Worl Food India 207 which was inaugurated by Modi.

He also called on President Ram Nath Kovind and met Vice President Venkaiah Naidu.

The Armenian President arrived here on Thursday on a four-day visit to India.