New Delhi, June 26 (KNN) Exporters have urged the central government to consider negotiating a free trade agreement (FTA) with Egypt as they see huge potential in the Egyptian market.

Prime Minister Narendra Modi returned to India on Monday after six-days of State visit to the US and Egypt.

Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. 

India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22.

Fertiliser, crude oil, chemicals, raw cotton, and raw hides are major import items from Egypt. The main export items include wheat, rice, cotton yarn, petroleum, meat, flat-rolled products, ferroalloys (related to iron) and light vehicles.

“The prime minister's visit is significant as Egypt is the gateway to Africa and Europe. A cementing of economic relations and possibly a feasibility study for FTA can be undertaken as Egypt has such FTAs with countries in West Asia and Africa,” Sahai said. 

Besides cooperation in agriculture, biotechnology, pharma, and renewable energy, India should explore tie-ups in logistics with Egypt, he added. 

“We should look at taking trade to USD 15 billion in the next three years from the current over USD 6 billion,” he said. (KNN Bureau)