The 4th session of the India-Ghana Joint Trade Committee (JTC) was held in Accra recently, spotlighting significant opportunities in textiles, digital economy, renewable energy, and other sectors. The meeting, co-chaired by Amardeep Singh Bhatia, additional secretary, department of commerce, Ministry of Commerce and Industry of India, and Michael Okyere-Baafi, Deputy Minister for Trade and Industry of Ghana, took place from May 2nd to 3rd, 2024.

During the discussions, both nations emphasised the potential for enhanced cooperation in textiles and garments, alongside the digital infrastructure, as critical areas for bilateral trade and investments. The delegation from India, led by Bhatia and including the High Commissioner of India to the Republic of Ghana, Manish Gupta, and Priya P Nair, economic adviser, department of commerce, engaged in comprehensive dialogues with their Ghanaian counterparts.

Additionally, discussions on the possibilities of signing a memorandum of understanding (MoU) on digital transformation solutions and a local currency settlement system were explored, reflecting the commitment to deepening digital economic ties, the Ministry of Commerce and Industry said in a press release.

The dialogue also covered the potential benefits of the African Continental Free Trade Agreement (AfCFTA), with both sides deliberating on enhancing engagement through the setting of standards, investments, and participation in trade events in India. A business delegation led by the Confederation of Indian Industry (CII) met with the Secretary General of AfCFTA to discuss further cooperation.

India and Ghana have a robust trade relationship, with bilateral trade reaching $2.87 billion in fiscal 2023. India has emerged as a major investor in Ghana, ranking as the third-largest investor in the country, with investments spanning manufacturing, trade services, and various other sectors.

Fibre2Fashion News Desk (DP)

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