New Delhi [India], September 26 : India and Egypt have identified several areas of focus for enhancing bilateral cooperation in trade and investment, including that in the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sector, gems and jewellery, engineering goods, IT services, electronics manufacturing, international trade settlement and digital payments, transport and trade disputes etc, according to Ministry of Commerce and Industry press release.
The officials of two 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 held under the co-chairpersonship of the Economic Adviser, Department of Commerce, Ministry of Commerce and Industry, Priya P Nair and Deputy Minister of Investment and Foreign Trade and Chairman of the Egyptian Commercial Service, Arab Republic of Egypt, Yahya Elwathik Bellah.
The Egyptian Ambassador to India, Wael Mohamed Awad Hamed, along with eight delegates from relevant ministries, accompanied the Egyptian delegation. During the meeting, the Indian side informed that necessary approvals for signing the MoU on cooperation between National Small Industries Corporation (NSIC) of India and MSME Development Agency (MSMEDA) of Egypt have been obtained. The two sides expressed their desire for an early signing and operationalisation.
In a press release, Ministry of Commerce and Industry stated, "Both sides identified several areas of focus for enhancing bilateral cooperation in trade and investment including that in the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sector, gems & jewellery, 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 etc. Both sides also discussed market access issues on agricultural products and agreed to resolve the issues as early as possible."
The two nations agreed on closer collaboration between their respective Investment Promotion Agencies. India and Egypt agreed to address all issues impeding bilateral trade expeditiously and facilitate trade promotion between the two countries and to hold the next meeting of the Joint Trade Committee in 2026, in Egypt.
In a press release, Ministry of Commerce and Industry stated, "The deliberations of the 6th session of 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 the bilateral trade and agreed on exploring new areas of cooperation, diversifying the bilateral trade basket, and resolution of issues hindering trade between the two countries.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor