Nigeria, India to conclude early local currency settlement system pact
02 May 24 1 min read
Insights
- Nigeria and India recently agreed to an early conclusion of a local currency settlement system agreement to further strengthen economic ties, the Indian department of commerce said.
- Both sides also identified several areas to enhance bilateral trade and investment.
- These include crude oil, natural gas, renewable energy, agriculture, transport and railway.
Such a system would help in promoting the use of Indian rupee and Nigerian naira for cross-border transactions.
The session was held after a five-year gap.
Both sides also identified several focus areas to enhance bilateral trade and investment. These include crude oil, natural gas, unified payments interface, power and renewable energy, agriculture, transport, railway, aviation and development of micro, small and medium enterprises, a news agency reported.
The Indian delegation was led by additional secretary in the commerce ministry Amardeep Singh Bhatia.
Bilateral trade between the two nations stood at $11.85 billion (exports $5.2 billion and imports $6.7 billion) in fiscal 2022-23 and about $15 billion in fiscal 2021-22.
Fibre2Fashion News Desk (DS)
Popular News
|
|
PVH signs agreement for Cambodian garment workers |
|
|
UK concludes tax agreement with Peru, ratifies deal to join CPTPP |
|
|
US small business owners highlight pricing as top concern: Report |
|
|
World Textile Sourcing adopts WFX ERP for digital transformation |
|
|
Surat’s rapier weavers to cut production by 80% to tackle weak demand |
|
|
South Indian cotton yarn prices stable with optimism for future demand |
