6th Session of India-Ethiopia Joint Trade Committee

  • In Addis Ababa, Ethiopia from 6-7 November, 2023.
  • Co-chaired by the Economic Advisor, Department of Commerce, Ministry of Commerce and Industry, Government of India, Ms Priya P. Nair and the Lead Executive of the International and Regional Trade Integration, Ministry of Trade & Regional Integration, Ethiopia, Mr Tages Mulugeta.
  • India invited Ethiopia to collaborate on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia.
  • Also urged Ethiopia to explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange.
  • Both sides 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 requested Ethiopia to expedite the early finalization of the Bilateral Investment treaty.

Background:

  • Federal Democratic Republic of Ethiopia is one of the fastest growing economies in the African region.
  • With an estimated growth of 6.4% in the year 2021-22.
  • Bilateral trade between India and Ethiopia stood at USD 642.59 million in 2022-23.
  • India is the second largest exporter to Ethiopia.
  • Indian companies are among the top three foreign investors in Ethiopia with existing Indian investment of USD 5 billion.
  • Indian companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals and healthcare.
Posted in Current Affairs.