Copenhagen: India and Denmark on October 11 agreed to work closely to overcome specific bottlenecks impeding further expansion of trade and investment and give a fresh impetus to co-operation in information technology, biotechnology, pharmaceuticals, food processing, non-conventional energy resources and other diversified areas.

During talks Prime Minister Atal Behari Vajpayee had with his Danish counterpart Anders Fogh Rasmussen, the two agreed that there was tremendous scope for substantially enhancing the existing bilateral trade of around $ 300 million.

Vajpayee said that Indian exports faced all kinds of non-tariff barriers. He also saw no justification in India being subjected to anti-dumping trade protection measure within the textile quota of this country.

The Prime Minister stressed that his government was committed to the economic reforms process and that these were being pursued while being sensitive to the realities of the vast disparities in incomes and living conditions in India.

Both sides agreed to intensity efforts to combat terrorism and the Danish side extended its support for the early conclusion and adoption of the Comprehensive Convention against International Terrorism at the UN, an initiative spearheaded by India.

Vajpayee said that India's growing markets in a liberalising regime and Denmark's thrust for expansion and diversification provided growing prospects for stepped-up co-operation between the two countries.

Observing that India has one of the fastest growing telecom, insurance and financial services markets in the world, Vajpayee said that Denmark should take advantage of the sustained investor confidence, which was reflected in the highest ever, inflows of foreign direct investment (FDI) last year.

He said that a new Intellectual Property Rights regime was being enacted in India, which would afford protection to the foreign technology sector, fully in line with World Trade Organisation (WTO) commitments.

The Prime Minister also stressed that Denmark could leverage the opportunities, which India could offer in the knowledge-based industries.

The Danish Premier emphasised that there was need for partnership both at the government and the business levels.

Contending that the WTO had come a long way in removing traditional trade barriers, he said that it was of utmost importance that the present WTO round was concluded at the deadline before the end of 2004.

Acknowledging that India was becoming increasingly important as a partner in bilateral trade with Denmark, he said that its huge potential was well recognised.

PTI