As per a release issued by the Ministry of Commerce and Industry, both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. Further, the Indian side also urged Ethiopia to explore the possibility of settlement of trade transactions in local currency which will help boost bilateral trade and conserve foreign exchange. To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. The Indian side also requested the Ethiopian side to expedite the early finalization of the Bilateral Investment Treaty. Bilateral trade between India and Ethiopia stood at USD 642.59 million in 2022-23.
