India and Egypt have identified several key areas for enhancing bilateral cooperation in trade and investment. These areas include the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sectors, gems and jewelry, engineering goods, IT services, electronics manufacturing, international trade settlement and digital payments, as well as transport and trade disputes, according to a press release from the Ministry of Commerce and Industry.
Meeting Overview
Officials from both nations met at the sixth session of the India-Egypt Joint Trade Committee (JTC) held in New Delhi from September 16-17. The meeting was co-chaired by Priya P. Nair, Economic Adviser of the Department of Commerce, Ministry of Commerce and Industry, and Yahya Elwathik Bellah, Deputy Minister of Investment and Foreign Trade and Chairman of the Egyptian Commercial Service.
The Egyptian Ambassador to India, Wael Mohamed Awad Hamed, accompanied the Egyptian delegation, which included eight delegates from relevant ministries.
Areas of Focus
During the meeting, the Indian side reported that necessary approvals for signing a Memorandum of Understanding (MoU) on cooperation between the National Small Industries Corporation (NSIC) of India and the MSME Development Agency (MSMEDA) of Egypt had been obtained. Both sides expressed their desire for an early signing and operationalization of this agreement.
The Ministry of Commerce and Industry stated, “Both sides identified several areas of focus for enhancing bilateral cooperation in trade and investment, including the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sector, gems and jewelry, engineering goods, petroleum and mining, MSME sector, customs matters, services sector, IT services, electronics manufacturing, apparel manufacturing, renewable energy—green hydrogen, food security, international trade settlement and digital payments, transport, and trade disputes.”
They also discussed market access issues concerning agricultural products and agreed to resolve these issues as promptly as possible.
MUST READ: Biden At Peace With Decision To Withdraw From 2024 Race
Future Collaborations
The two nations agreed on closer collaboration between their respective Investment Promotion Agencies. India and Egypt committed to addressing all issues impeding bilateral trade expeditiously and facilitating trade promotion between the two countries. They also scheduled the next meeting of the Joint Trade Committee for 2026 in Egypt.
The Ministry of Commerce and Industry noted, “The deliberations of the 6th session of the India-Egypt JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was a positive response towards greater cooperation, addressing pending issues, and increasing trade and investment.”
India and Egypt reviewed their bilateral trade and agreed to explore new areas of cooperation, diversify the bilateral trade basket, and resolve issues hindering trade between the two countries. This meeting underscores the commitment of both nations to strengthen their economic ties and enhance collaboration in various sectors.
ALSO READ: British Influencer’s Bhang Adventure Takes A Nasty Turn
