The two sides will also identify commodities that could be traded through the mechanism of counter-trade and Escrow or special accounts. These are among the major decisions of the XIII session of the Indo-Romanian Joint Commission for economic, technical and scientific cooperation held in Bucharest from December 15-16.

Commerce minister Ramakrishna Hegde led the Indian delegation to the talks. In his opening address, Hegde recalled the traditional friendly ties between the two countries and the conclusion of agreements in 1997, namely, agreements on promotion of investment cooperation in science and technology and cultural exchange programmes.

He highlighted the notable success of the Indian economic reforms programme and called upon businessmenof both countries to take advantage of what India had to offer in trade and investment.

The two sides reviewed in detail cooperation in specific sectors such as railways, telecommunications, information technology, including software, electronic equipment, steel, metallurgy, iron ore, textiles, oil and gas exploration and noted with satisfaction that a number of joint ventures hadbeen set up in these fields in the recent past.

The draft agreement for maritime transport cooperation and agreement on plant quarantine and protection had been given a final shape and it was decided to initial them as soon as possible. It was pointed out by the Indian side that there is need to rationalise the customs tariff on tobacco, rice, cotton yarn etc.

The Romanian side agreed to discuss the issue further. The Indian side expressed its willingness to take up establishing a customs-bonded warehouse with provision for storage of duty-free imports of Indian goods. The subject of issuance of via on a fast track basis tobusinessmen recommended by apex chambers of commerce was also discussed and agreed upon. The need for early operationalisation of earlier agreements was also recognised and it was agreed to give focussed attention to this area. It was agreed to hold the next joint commission meeting in New Delhi in 1999.