India and Nigeria identified several areas of focus for enhancing bilateral trade as well as mutually beneficial investments and committed to facilitating trade promotion between the two nations.
A seven-member delegation from India held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja this week to review recent developments in bilateral trade and investment ties, the Ministry of Commerce & Industry said on Friday.
The members undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion.
The delegation from India was led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Amardeep Singh Bhatia, accompanied by High Commissioner of India to Federal Republic of Nigeria, G Balasubramanian and Economic Adviser, Department of Commerce, Priya P Nair.
The JTC was co-chaired by the Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce.
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include resolving of market access issues of both sides, and cooperation in key sectors such as Crude oil and Natural Gas, Pharmaceuticals, Unified Payments Interface (UPI), Local Currency Settlement System, Power Sector and Renewable Energy, Agriculture & Food Processing, Education, Transport, Railway, Aviation, MSMEs and Development. Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
In a concerted effort to bolster bilateral trade, both sides committed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two nations.
A business delegation led by CII also accompanied the official delegation comprising representatives from various sectors like power, fintech, telecommunications, electrical machinery and pharmaceuticals.
The deliberations of the 2nd Session of India-Nigeria JTC were forward-looking, indicative of the amicable and special relations between the two countries.
Official delegation from India consisted of officials from Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI). The officials of both sides actively engaged in the proceedings of the JTC.
The discussions were held in a cordial and friendly atmosphere and were fruitful. There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts.