India to ink bilateral trade agreement with Egypt soon
What's the story
India and Egypt are gearing up to finalize the terms of a bilateral trade agreement. The move is aimed at strengthening economic ties between the two countries, promoting local currency trade, and expanding cooperation in key sectors. Commerce and Industry Minister Piyush Goyal announced this development during the Joint Trade Committee meeting with his Egyptian counterpart Mohamed Farid Saleh.
Trade enhancement
Goyal welcomes announcement, stresses local currency trade
Goyal stressed that promoting trade in local currencies would strengthen economic ties and lower business costs.
He said, "I welcome the announcement.... We will have teams led by Petal Dhillon (Joint Secretary in the Commerce Ministry) to work with the Egyptian team in a time-bound manner on the terms of reference."
This, he added, could take their economic ties to new heights.
Sectoral collaboration
India proposes linking digital infrastructure with Egypt's payment systems
Goyal also highlighted sectors where India and Egypt could enhance cooperation, including pharmaceuticals and healthcare, engineering and automotive, agriculture, digitization, and fintech.
He said that the current bilateral trade stands at $6.5 billion but stressed on being "much more ambitious."
The minister also proposed linking India's digital public infrastructure with Egyptian payment systems to boost local-currency trade.
Economic potential
Expanding trade and investment opportunities
Goyal, who is on a two-day visit to Cairo with a 132-member business delegation, said India is looking to expand trade and investment opportunities in Egypt.
He stressed widening market access for Indian goods and services while promoting imports of Egyptian products into India.
"We are looking at investment opportunities in Egypt; we are looking at marketing our goods and services," he said.
Trade balance
India's trade with Egypt
In the fiscal year 2025-26, India's exports to Egypt were worth $3.87 billion while imports stood at $2.6 billion.
Major Indian exports include meat and poultry products, petroleum products, organic chemicals, cotton, and machinery; major imports comprise crude petroleum, fertilizers, cotton, and mineral products.
Goyal said these numbers are just a beginning for the two economies with much more potential to explore in future trade relations.