Indian Prime Minister Narendra Modi and Tanzanian President Samia Suluhu Hassan on Monday expressed a desire to expand bilateral trade using local currencies, according to a joint statement issued after their meeting in the Indian capital New Delhi on Monday.
The Indian central bank has cleared the way for trade using local currencies – Indian rupee and Tanzanian shilling – by allowing the authorised banks in India and Tanzania to coordinate, the statement issued by the Indian Foreign Ministry said.
The statement added that the two sides agreed to continue with the “consultations in order to address any concerns so as to ensure the sustainability of this arrangement.”
It also said the two sides agreed to increase bilateral trade volume, directing the respective officials to explore new areas of trade.
Several MoUs signed
Samia Suluhu Hassan is on a state visit to India from October 8-10 at the invitation of Indian President Droupadi Murmu.
On Monday, she held talks with Indian Prime Minister Narendra Modi, during which several Memorandum of Understanding were signed.
Modi wrote on X, that he had an “excellent meeting” with President Samia in which both leaders reviewed the “full range of India-Tanzania relations and have elevated our time-tested relation to a Strategic Partnership.”
“Our nations have decided to work together to form a five-year roadmap in the defence sector. This will be beneficial for military training, maritime cooperation, capacity building and the defence industry,” he said.
