India-Ethiopia Joint Trade Committee
The 6th Session of the India-Ethiopia Joint Trade Committee was successfully conducted in Addis Ababa, Ethiopia.
- Both nations affirmed their commitment to promptly address any challenges hindering bilateral trade and promote trade between them.
- India extended an invitation to Ethiopia to collaborate on the Unified Payment Interface (UPI), with Ethswitch of Ethiopia.
- Several key areas were identified for fostering bilateral trade and beneficial investments, including health and pharmaceuticals, automobiles, textiles, infrastructure projects, food, and agro-processing.
- The Indian side urged Ethiopia to expedite the finalization of the Bilateral Investment Treaty.
- Ethiopia, the Federal Democratic Republic, is one of Africa’s rapidly growing economies, with an estimated growth rate of 6.4% in 2021-22.
- Bilateral trade between India and Ethiopia reached USD 642.59 million in 2022-23, with India being the second-largest exporter to Ethiopia.
- Indian companies rank among the top three foreign investors in Ethiopia, with investments spanning sectors such as agriculture, floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals, and healthcare.