Economy, Africa, Asia - Pacific

India, Tanzania eye expanded trade in local currencies

Tanzanian President Samia Suluhu Hassan holds talks with Indian Prime Minister Narendra Modi in New Delhi

Anadolu Staff  | 09.10.2023 - Update : 09.10.2023
India, Tanzania eye expanded trade in local currencies A general view of a street in Zanzibar, Tanzania on August 11, 2019. ( Recep Bilek - Anadolu Agency )

NEW DELHI

Indian Prime Minister Narendra Modi and Tanzanian President Samia Suluhu Hassan Monday expressed a desire to expand bilateral trade using local currencies, according to a joint statement issued after their meeting in the Indian capital New Delhi on Monday.

The Indian central bank has cleared the way for trade using local currencies i.e. Indian rupee and Tanzanian shilling by allowing the authorized banks in India and Tanzania to coordinate, the statement issued by the Indian Foreign Ministry said, adding that two sides agreed to continue with the “consultations in order to address any concerns so as to ensure the sustainability of this arrangement.”

It also said the two sides agreed to increase bilateral trade volume, directing the respective officials to explore new areas of trade.

Samia Suluhu Hassan is on a state visit to India from Oct. 8-10 at the invitation of Indian President Droupadi Murmu.

On Monday, she held talks with Indian Prime Minister Narendra Modi, during which several Memorandum of Understanding were signed.

Modi wrote on X, that he 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 relation to a Strategic Partnership.”

“Our nations have decided to work together to form a five-year roadmap in the defence sector. This will be beneficial for military training, maritime cooperation, capacity building and the defence industry,” he said.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.