Finland and India Improve Economic Relationship with a New Trade Agreement

Minister of Commerce and Industry Anand Sharma of India and Minister for Foreign Trade and Development Paavo Väyrynen of Finland signed a new agreement to promote economic cooperation between the two countries this past March. This agreement of cooperation will involve the exchange of information on statutes influencing the economy and improve the trade relationship between both countries. Both countries will appoint representatives to a joint commission that will meet at least every second year to discuss trade opportunities and ways to internationalize both Indian and Finish businesses. Trade between Finland and India has increased vigorously during the 2000s. Last year the value of exports was 450 million euros and that of imports was 230 million euros into the Finnish economy from India alone. One specific example of trade motioned during this convention was the introduction of Nokia cell phones into India during the mobile communications boom which has since increased its presence in both production and research. According to Indian statistics for January, the number of mobile phone subscriptions increases in the country at the rate of 15 million each month. The figure Finnish conglomerate Nokia gave was 19.5 million subscriptions per month. Minister Sharma of India stated that his country has the world’s second fastest economic growth rate and ensures that those who invest into India, like Finland, can expect profitable gains for their country.

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[Picture of Anand Sharma and Paavo Väyrynen after finalizing trade agreements between Finland and India]