India-Egypt Joint Trade Committee Concludes Sixth Session, Eyes Enhanced Trade and Investment Cooperation

New Delhi:  The sixth session of the India-Egypt Joint Trade Committee (JTC) concluded in New Delhi today, marking significant strides in strengthening bilateral trade and investment relations between the two nations. Co-chaired by Priya P. Nair, Economic Adviser, Department of Commerce, Ministry of Commerce and Industry, Government of India, and Yahya Elwathik Bellah, Deputy Minister of Investment and Foreign Trade and Chairman of the Egyptian Commercial Service, the two-day session (16-17 September 2024) highlighted key areas of collaboration.

Accompanied by Egyptian Ambassador to India, Wael Mohamed Awad Hamed, and a delegation of eight officials from relevant Egyptian Ministries, Bellah emphasized Egypt’s commitment to deepening economic ties with India. One of the notable outcomes was the progress made toward formalizing a Memorandum of Understanding (MoU) between India’s National Small Industries Corporation (NSIC) and Egypt’s MSME Development Agency (MSMEDA). Indian officials confirmed that the necessary approvals had been obtained, with both sides expressing a desire for early signing and operationalization of the MoU to boost cooperation in the MSME sector.

During the talks, both sides identified several strategic sectors for enhancing bilateral trade and investment. These sectors include the Suez Canal Economic Zone (SCEZ), pharmaceuticals and healthcare, gems and jewelry, engineering goods, petroleum and mining, IT services, electronics manufacturing, and apparel. Notably, renewable energy – particularly green hydrogen – food security, international trade settlements, and digital payments were also highlighted as potential areas for future cooperation. Additionally, both countries expressed their intention to resolve market access issues related to agricultural products swiftly, paving the way for smoother trade exchanges.

Further discussions revolved around enhancing customs cooperation, promoting investments, and expediting the resolution of trade disputes. Both sides agreed to facilitate closer collaboration between their respective Investment Promotion Agencies, signaling a mutual interest in increasing investment flows.

The deliberations, described as cordial and forward-looking, reflect the strong and growing relations between India and Egypt. Both nations expressed a positive outlook on addressing pending issues and expanding trade cooperation. With a shared commitment to increasing trade and investment, the two sides agreed to expedite the resolution of all outstanding issues impeding bilateral trade.