The India-Egypt Joint Trade Committee’s (JTC) sixth session was successfully held in New Delhi.
Both parties express a willingness for the National Small Industries Corporation of India and the MSME Development Agency of Egypt to sign the Memorandum of Understanding (MoU) as soon as possible.
Potential areas of collaboration include digital payments and international trade settlement, transportation, pharmaceuticals, MSMEs, and food security
INN/Chennai, @Infodeaofficial
The Joint Trade Committee (JTC) between India and Egypt convened for its sixth session in New Delhi on September 16-17, 2024. Mr. Yahya Elwathik Bellah, the Arab Republic of Egypt’s Deputy Minister of Investment & Foreign Trade, and Ms. Priya P. Nair, the Economic Adviser, Department of Commerce, Ministry of Commerce and Industry, Government of India, co-chaired the meeting. Eight representatives from pertinent Ministries accompanied the Egyptian mission, which was led by H.E. Mr. Wael Mohamed Awad Hamed, the ambassador of Egypt to India.
The Indian side has reported that the required permits have been secured in order to sign the Memorandum of Understanding on collaboration between the National Small Industries Corporation (NSIC) of India and the MSME Development Agency (MSMEDA) of Egypt. It was said that early signature and operationalisation were desired by both parties. The Suez Canal Economic Zone (SCEZ), the pharmaceutical and health sectors, gems and 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. are just a few of the areas of focus that both sides identified for enhancing bilateral cooperation in trade and investment. The parties also talked about the problems with agricultural products’ market access and decided to find quick solutions.
A closer working relationship between each party’s Investment Promotion Agencies was also agreed upon. The friendly and forward-thinking discussions at the 6th India-Egypt Joint Technical Committee session demonstrated the friendly and unique relations between the two nations. More cooperation, resolving outstanding difficulties, and boosting trade and investment received favourable feedback.
Both parties committed to resolving any obstacles to bilateral commerce as soon as possible, facilitating trade promotion between the two nations, and hosting the JTC’s next summit in Egypt in 2026.
After reviewing their respective commerce, the parties decided to diversify their trade, look into new areas of collaboration, and find solutions to any problems preventing trade between their two nations.