A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, AmardeepSingh Bhatia, accompanied by High Commissioner of India to Federal Republic of Nigeria, G Balasubramanian and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Nigerian counterparts in Abuja from 29.04.2024 to 30.04.2024. The JTC was co-chaired by Permanent Secretary, Federal Ministry of Industry Trade and Investment, Nigeria, Ambassador Nura Abba Rimi; and Additional Secretary, Department of Commerce.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. To this effect, 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, Development etc. Both sides agreed to early conclusion of Local Currency Settlement System Agreement to further strengthen bilateral economic ties.
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.
