Ethiopia: Ethiopia, India Agree to Consolidate Economic Cooperation

Ethiopia and India have agreed to consolidate bilateral economic cooperation as the Sixth Joint Trade Committee of the two held meeting in Addis Ababa between November 6 and 7, 2023.

A statement sent to The Ethiopian Herald indicated that both sides acknowledged the huge potential for expansion and diversification of the trade following a comprehensive review of bilateral trade relations.

The Joint Trade Committee agreed to cooperate in standardization and quality assurance, financial, pharmaceutical, automobile, renewable energy, agriculture and food processing sectors, it added.

The statement showed that both sides have agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries.

During the meeting, the Indian side invited Ethiopian counterparts to collaborate on the Unified Payment Interface (UPI) of India with Ethswitch of Ethiopia, it was learnt.

It also suggested that Ethiopia can explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange.

The deliberations of the 6th Sessions of India-Ethiopia JTC were cordial and forward-looking, reflecting the traditionally friendly and special relations between the two countries, according to the statement.

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, it indicated.

To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments, the statement mentioned.