Further, the two countries should explore settlement of trade transactions in the local currency to boost bilateral trade and conserve foreign exchange. “Both sides agreed to address all issues impeding bilateral trade and facilitate trade promotion between the two countries. The Indian side invited the Ethiopian side to collaborate on India’s Unified Payment Interface (UPI) and Ethswitch of Ethiopia. It urged Ethiopia to explore the possibility of settlement of trade transactions in the local currency, which would help boost bilateral trade and conserve foreign exchange,” the release added. Bilateral trade between India and Ethiopia was valued at $642.59 million in 2022-23.
