New Delhi : India and Ghana have agreed to operationalise Unified Payment Interface (UPI) with Ghana Interbank Payment and Settlement Units within just six months in purchase to empower fast fund transfers for buyers in each nations around the world, the Commerce Ministry mentioned on Monday,
The discussions were being element of a Joint Trade Committee (JTC) meeting concerning Indian and Ghanaian officials in Accra from Might 2-3.
Both of those nations also talked about the alternatives of a Memorandum of Being familiar with (MoU) on Nearby Forex Settlement Process (LCCS) in trade, electronic transformation alternatives, and on the chances presented by the African Continental Absolutely free Trade Agreement, the Commerce Ministry stated.
The linking of Indian and Ghanaian quick payment units will be the most up-to-date in India’s expansion of UPI operations, which are previously available in countries these types of as France, UAE, Sri Lanka and Mauritius.
The shift to settle bilateral trade payments among the two countries in local currencies will minimize dependence on the US greenback and aid to bolster the rupee.
A 7-member delegation from India led by Extra Secretary, Department of Commerce, Ministry of Commerce and Marketplace, India, Amardeep Singh Bhatia.
In a extensive dialogue, both equally sides undertook a in-depth review of current developments in bilateral trade and expense ties and acknowledged the wide untapped prospective for further growth.
Both sides identified many places of emphasis for improving both of those bilateral trade as effectively as mutually useful investments. These include things like cooperation in prescription drugs, healthcare, information and communication know-how, agriculture and food items processing, renewable electrical power, power sector, electronic financial system and digital infrastructure, crucial minerals, textiles and clothes, etcetera.
An official delegation from India consisted of officers from the Geological Study of India, EXIM Bank and the Indian Pharmacopoeia Commission. The officials of both of those India and Ghana actively engaged in the proceedings of the JTC.
A company delegation led by the Confederation of Indian Sector (CII) also accompanied the formal delegation with representatives from the various sectors such as electric power, fintech, Telecommunications, electrical machinery, and prescription drugs sectors.
The delegation which include reps of company also satisfied the Secretary-Common, AfCFTA and his workforce of officials wherein places of cooperation provided the signing of an MoU, placing of expectations, investments, participation in trade gatherings in India, and rising the depth of engagement amongst India and AfCFTA was reviewed. Names of nodal officers to just take the conversations ahead have been also exchanged.
Ghana is an significant trading husband or wife of India in the African location. Bilateral trade amongst India and Ghana stood at USD 2.87 billion in 2022-23. India stands as a foremost investor in Ghana and emerged as the 3rd-major investor. These investments traverse diverse sectors, encompassing prescription drugs, development, producing, trade services, agriculture and tourism.