Collaboration on UPI aims to facilitate seamless and secure transactions between the two countries
India and Cambodia are focusing on enhancing trade, investment, and collaborative efforts in various sectors. They are also keen on early collaboration in Unified Payment Interface (UPI) based digital payment to promote trade and tourism between the two countries.
 
These were among a wide range of issues discussed at the second meeting of the India-Cambodia Joint Working Group on Trade & Investment (JWGTI), held in New Delhi, on June 19, 2024.
 
The meeting was co-chaired by Siddharth Mahajan, Joint Secretary of the Department of Commerce, Ministry of Commerce and Industry, Government of India, and Long Kemvichet, Director General for International Trade, Ministry of Commerce, Kingdom of Cambodia. Representatives from stakeholder ministries also participated, contributing to the comprehensive discussions.
 
Mahajan highlighted the importance of deepening bilateral trade and investment ties, emphasizing the creation of mechanisms for cooperation in sectors of mutual interest. The meeting deliberated extensively on several key areas, including traditional medicine, e-governance, diversification of the trade basket, bilateral investment treaties, recognition of Indian pharmacopoeia, and collaboration in the pharmaceutical sector.
 
One of the primary topics discussed was the progress in collaboration on Unified Payment Interface (UPI) based digital payments. This initiative aims to promote trade and tourism by facilitating seamless and secure transactions between the two countries. The Cambodian side elaborated on the myriad investment opportunities available for Indian businesses in Cambodia, spanning various high-growth sectors.
 
This meeting was a follow-up to the inaugural virtual session held in July 2022 and was the first physical meeting since the institutionalization of the JWGTI. The discussions focused on identifying new products to diversify the trade basket and enhancing bilateral trade's value and quantum. Both sides agreed on the necessity of increased interactions to achieve concrete mutual benefits.
 
In a related development, the launch of the first-ever direct flight service between Cambodia and India is expected to have a positive impact on all areas of cooperation between the two countries. Cambodian envoy Koy Kuong has expressed optimism that this direct flight would significantly boost tourism, trade, and investment. Cambodia Angkor Air, the national flag carrier, began this service on June 16, 2024, operating four times a week between Phnom Penh and New Delhi.
 
Several high-level official visits have underscored the strengthening ties between India and Cambodia. Notably, King Norodom Sihamoni of Cambodia visited India from May 29 to 31, 2023, marking his maiden state visit. This visit culminated in the celebrations of the 70th anniversary of diplomatic relations between the two nations, established in 1952. Vice President Jagdeep Dhankhar also visited Cambodia in November 2022 to attend the ASEAN-India Commemorative Summit and the 17th East Asia Summit, further reinforcing bilateral relations.
 
The recent launch of the "1st Cambodia-India Tourism Year 2024" is expected to further strengthen tourism ties. This initiative, coupled with the direct flight service, aims to enhance cultural and people-to-people exchanges. The campaign was jointly launched by Long Phirum, Secretary of State, Ministry of Tourism of Cambodia, and Manisha Saxena, Director General (Tourism), Ministry of Tourism of India, with a traditional drum ceremony.