Egypt Eyes $8 bln Trade Volume With India By 2015

Both of Egypt and India have agreed on increasing the current intra-regional trade to $ 8billion by 2015. The agreement also included establishing a point of contact between the countries to take over resolving any problems face the mutual trade movement.

This came during the meetings of The India-Egypt Joint Trade Committee, led by Saeed Abdallah, Head of the talks from the Egyptian side, and Dr D S Dhesi, Additional Secretary in Indian Ministry of Commerce & Industry. The committee looked into the significance of taking effective procedures to develop the economic relations and to boost the trade exchange between the two countries in the coming period.

Saeed Abdallah, Head of the Egyptian side, said both sides agreed on establishing a point of contact between Egypt and India to resolve any problems face the intra-regional trade to reach $ 8 billion by 2015. He referred that the Egyptian and Indian sides also agreed on establishing five joint working groups in the fields of trade, industry, small and medium entrepreneurs (SMEs), specifications and quality, health and medicine and agriculture; approving on convening the meetings in Cairo and the Indian capital of New Delhi to consider the latest developments concern these groups.

For his part, Dhesi said: “The convening of the first ever meeting of the Joint Trade Committee marks an important step in our efforts to ensure that our trade and investment relations achieve their full potential. 

“We have always worked closely on multilateral platforms such as the WTO and our collaboration reflects the true spirit of South-South Cooperation.” 

He added that there were extremely meaningful and productive discussions with Egyptian officials.