Need to diversify trade basket for increasing the bilateral trade between the two countries: Smt. Patel tells the visiting Ethiopian trade minister
New Delhi: Union Minister of State for Commerce & Industry (MoS), Smt. Anupriya Patel today met Mr. Melaku Alebel, Minister of Industry, Ethiopia who is on a two-day visit to New Delhi to attend the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnership.
Both leaders reviewed the India-Ethiopia bilateral relations. Highlighting the traditionally close relationship, which now covers all areas of mutual and contemporary relevance, both Ministers agreed that there is considerable potential for enhancing the economic and commercial partnership between the two countries. Both sides acknowledged the need for diversification of the trade basket for increasing the bilateral trade between the two countries. Minister Alebel informed about the Ethiopian government’s efforts to attract more FDI. He also appreciated the Indian investments in Ethiopia with 650 Indian companies providing employment to over 75,000 persons. MoS, while briefing about the strength of the Indian generic Pharmaceuticals industry, suggested facilitating the setting up of manufacturing facilities in Ethiopia by the Indian pharma companies.
MoS also highlighted the Duty-Free tariff Preference Scheme of India for the least-developed countries (LDCs), including Ethiopia, wherein India provides unilateral duty-free/preferential market access on about 98.2% of India’s Tariff lines at a six-digit level. Both sides discussed further avenues to realize the full potential through expanded cooperation in agriculture, food processing, leather, and textiles.
MoS reiterated India’s commitment to a development partnership with Ethiopia. Both the leaders stressed the importance of capacity building and facilitating B2B interactions to further strengthen the trade and economic linkages between the two countries.