New Delhi, Oct 10 (IANS): India and the Czech Republic Monday agreed to liberalise business visa regime and expand bilateral trade to $2 billion in 2012 from the current year's estimate of $1.3 billion.

Commerce and Industry Minister Anand Sharma held talks here with Czech Republic Minister of Trade and Industry Martin Kocourek, who is leading a 50-member high-level business delegation to India.

During the meeting, the two ministers agreed to "take bilateral trade to $2 billion by 2012 from the current level of $1.3 billion which in itself is an increase of 26 percent from the earlier year", according to an official statement released after the meeting.

The two ministers also agreed to liberalise business visa regime to facilitate the flow of trade and investments.

Sharma suggested that long-term business visa should be issued on recommendations of industry chambers.

"There is a great potential to improve the width and depth of economic engagement between the two countries especially in the areas of information technology, pharmaceuticals, textiles and energy," Sharma said.

The Czech minister said that "visa regime needs to be addressed more forcefully and informed the Indian side that next week their government will discuss Investment Incentive Act for the Czech Republic and corresponding resolution of visa related issues will form part of the discussion".