Team Blitz India
NEW DELHI: External Affairs Minister S Jaishankar on July 8 said that India and Tanzania have started trade settlements in local currencies and this new initiative will help in promoting commerce between the two countries.
“I am told few transactions have already taken place in Indian rupees and Tanzanian shillings, and certainly this will provide an additional mechanism to promote trade between our two countries,” he said.
Addressing industry leaders at a function, the Foreign Minister said India-Tanzania bilateral trade has seen very strong growth, and stood at $6.4 billion in 2022-23.
“Now, bear in mind, this is not only a very substantial bilateral trade, but it’s also actually a bilateral trade, which is getting increasingly balanced. Many new products are being added to the trade basket..India remains the biggest destination for Tanzanian exports,” he said.
“There’s also an issue which has been brought up from time to time, which is the possibility of trade settlements in our own currencies, Jaishankar said.
