Central banks of India and Egypt working to promote bilateral trade in local currencies, says Piyush Goyal

 
India and Egypt today agreed to work towards finalising the Terms of Reference (ToR) for a proposed bilateral trade agreement to strengthen economic ties between the two countries. At the 7th India-Egypt Joint Trade Committee meeting in Cairo, Commerce and Industry Minister Piyush Goyal said, the two countries could enhance cooperation in several sectors, including pharmaceuticals and healthcare, engineering and automobiles, agriculture, digitisation, fintech and museums.
 
Highlighting opportunities for cooperation in the fintech sector, Mr Goyal said the central banks of both countries were working to promote trade in local currencies. He also proposed linking India’s Unified Payments Interface (UPI) with Egypt’s digital payment systems. The Minister said a joint team from both countries would work in a time-bound manner to finalise the Terms of Reference for the proposed trade agreement. He said the agreement could take bilateral economic relations to a new level by expanding trade and investment and promoting a more comprehensive partnership across various sectors, including education. The Egyptian delegation was led by Mohamed Farid Saleh, Minister of Investment and Foreign Trade of Egypt.
 
Mr Goyal arrived in Cairo yesterday on a two-day visit aimed at strengthening India-Egypt relations and expanding trade, investment and industrial cooperation. A delegation of more than 130 business leaders and start-ups is accompanying him.