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India urges Ethiopia to explore settling trade transactions in local currency

09 Nov 2023 Evaluate

In order to boost bilateral trade and conserve foreign exchange, India has urged Ethiopia to explore the possibility of settlement of trade transactions in local currency. During 6th Session of India-Ethiopia Joint Trade Committee, both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. Further, India invited the Ethiopia to collaborate on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia.

Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and noted that the relationship has a huge potential to be scaled up even further.  To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro processing and so on. 

Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoUs) in the field of Standardization & Quality assurance and Customs procedure and agreed to conclude them expeditiously. India also requested the Ethiopia to expedite the early finalization of the Bilateral Investment Treaty.


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