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India and Ethiopia Collaborate on Unified Payment Interface

The 6th session of the India-Ethiopia Joint Trade Committee (JTC) took place in Addis Ababa, Ethiopia from November 6-7, 2023. The meeting was co-chaired by the Economic Advisor of India and the Lead Executive of Ethiopia, and featured senior officials from both countries.

Both parties committed to addressing any obstacles to bilateral commerce as soon as possible and facilitating the promotion of trade between the two nations. The Indian side extended an invitation to Ethiopia to work together on the Unified Payment Interface (UPI) between Ethiopia’s Ethswitch and India.

Furthermore, in an effort to promote bilateral trade and preserve foreign exchange, the Indian side asked Ethiopia to investigate the potential of settling commercial transactions in local currency. The pleasant and forward-thinking discussions held during the 6th session of the India-Ethiopia Joint Technical Committee (JTC) were indicative of the two nations’ longstanding unique and friendly relations.

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

These include health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro processing and so on. Both sides also 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. The Indian side also requested the Ethiopian side to expedite the early finalization of the Bilateral Investment Treaty.

The 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 of which, about USD 3-4 billion is estimated to be on the ground.

Indian companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals and healthcare.

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Source: PIB

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