NEW Delhi, India Oct 10 – Indian Prime Minister Narendra Modi and Tanzanian President Samia Suluhu Hassan have expressed a shared commitment to boost bilateral trade using local currencies, according to a joint statement issued after their meeting in New Delhi on Monday.
In a significant development, the Indian central bank has paved the way for trade using local currencies, allowing authorized banks in India and Tanzania to collaborate. The statement, issued by the Indian Foreign Ministry, highlighted this important step in fostering economic ties between the two nations.
The joint statement also emphasized the ongoing consultations aimed at addressing concerns and ensuring the sustainability of this currency arrangement. This reflects the commitment of both countries to navigate the challenges and opportunities presented by the new trade paradigm.
Additionally, both leaders have set their sights on increasing the volume of bilateral trade and have directed their respective officials to explore new areas of economic cooperation. This move signals a desire to diversify and strengthen the trade relationship between India and Tanzania.
Tanzanian President Samia Suluhu Hassan’s visit to India from October 8 to 10, at the invitation of Indian President Droupadi Murmu, has been marked by productive discussions and collaborative efforts.
During her meeting with Indian Prime Minister Narendra Modi on Monday, several Memoranda of Understanding (MoUs) were signed. Modi expressed his satisfaction with the discussions, stating, “I had an excellent meeting with President Samia in which both leaders reviewed the full range of India-Tanzania relations and have elevated our time-tested relationship to a Strategic Partnership.”
Modi further disclosed that the two nations have decided to collaborate on a five-year roadmap in the defense sector, emphasizing its potential benefits for military training, maritime cooperation, capacity building, and the defense industry. This signifies a deeper commitment to mutual security and strategic cooperation between India and Tanzania.
