Both sides express desire for early signing of MoU on cooperation between National Small Industries Corporation of India and MSME Development Agency of Egypt

Potential Sectors like international trade settlement and digital payments, transport, pharmaceuticals, MSMEs, and food security identified for cooperation

The sixth Session of India-Egypt Joint Trade Committee (JTC) was held in New Delhi from 16^th to 17^th September 2024 under the co-chairpersonship of Economic Adviser, Department of Commerce, Ministry of Commerce and Industry, Government of India, Ms. Priya P. Nair and Deputy Minister of Investment & Foreign Trade and Chairman of the Egyptian Commercial Service, Arab Republic of Egypt, Mr. Yahya Elwathik Bellah. Egyptian Ambassador to India, H.E. Mr. Wael Mohamed Awad Hamed, along with 08 delegates from relevant Ministries accompanied the Egyptian delegation.

Indian side informed that necessary approvals for signing the MoU on cooperation between National Small Industries Corporation (NSIC) of India and MSME Development Agency (MSMEDA) of Egypt have been obtained. Both sides expressed their desire for an early signing and operationalization.

 

Both sides identified several areas of focus for enhancing bilateral cooperation in trade and investment including that in the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sector, gems & jewelry, engineering goods, petroleum and mining, MSME Sector, customs matters, services sector, IT services, electronics manufacturing, apparel manufacturing, renewable energy – green hydrogen, food security, international trade settlement and digital payments, transport and trade disputes etc. Both sides also discussed market access issues on agricultural products and agreed to resolve the issues as early as possible.

Both sides also agreed on closer collaboration between their respective Investment Promotion Agencies. The deliberations of the 6th session of India-Egypt JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was a positive response towards greater cooperation, addressing pending issues, and increasing trade and investment.

Both sides agreed to address all issues impeding bilateral trade expeditiously and facilitate trade promotion between the two countries and to hold the next meeting of the JTC in 2026, in Egypt.

Both sides reviewed the bilateral trade and agreed on exploring new areas of cooperation, diversifying the bilateral trade basket, and resolution of issues hindering trade between the two countries.

MoU on cooperation advances bilateral trade facilitation, targeting sectoral collaboration and resolving market access and trade impediments. The JTC session focused on operationalising a MoU on cooperation between NSIC and MSMEDA, identifying priority sectors-including digital payments, transport, pharmaceuticals, MSMEs, food security, manufacturing, renewable energy and customs-and committing to resolve market access issues, strengthen Investment Promotion Agency coordination, address trade impediments and disputes expeditiously, and pursue trade diversification with continued JTC engagement.