Union Government signs agreement with Croatia on economic cooperation

Posted on:15 Feb 2017 17:58:42
Union Government signs agreement with Croatia on economic cooperation
15 February 2017 Current Affairs: The Union Government on 14 February 2017 signed agreement with the Republic of Croatia on economic cooperation in Zagreb, Croatia.

The agreement was signed by Nirmala Sitharaman, Commerce and Industry Minister and Martina Dalic, Deputy Prime Minister and Minister of the Economy of the Republic of Croatia.

The Agreement will help both the countries in stepping up the ties in continuity as the last agreement expired in November 2009.

Prior to this agreement, India and Croatia had earlier signed an agreement on Trade and Economic Cooperation in September 1994 with an aim to promote and develop bilateral trade and economic relations. 

India’s bilateral trade with the Republic of Croatia during the financial years 2013-14, 2014-15 and 2015-16 were USD 148.86 million, USD 205.04 million and USD 148.44 million respectively. The bilateral trade during the last three years has remained stable between both the countries despite global slowdown.

Croatia, a small country in terms of area, offers India access to a wider market inside Europe because it is placed at the gateway of eastern and central Europe. 

India needs support of countries like Croatia to achieve its goal of UN permanent membership and to improve its trade relations with eastern and central European countries.

India established diplomatic relations with Croatia in July 1992. Both the countries developed their bilateral relations at the Ambassadorial level in January 1998. 

One of the foremost high level visits by the Croatian Foreign Minister and Deputy Prime Minister to India date back to April 1992 and April 1995 respectively. On the other hand, from the Indian side, the then Commerce Minister Pranab Mukherjee visited Croatia in 1994.

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