Overview:
Both countries acknowledged that the current bilateral trade volume of US$1.3 billion does not reflect the full potential of their partnership.
Uganda and India have agreed to bolster their bilateral trade relations, committing to focused measures to expand and diversify their economic partnership.
During the third session of the India-Uganda Joint Trade Committee (JTC), held in New Delhi from March 25-26, both nations identified key sectors for increased trade and investment. These include minerals, coffee, cocoa products, pulses, spices, dairy products, essential oils, plastic raw materials, fruits, vegetables, and residual chemical products.
Further areas of cooperation prioritized were mining, banking, digital infrastructure, electric vehicles, critical minerals (including Rare Earth Elements – REE), and petrochemicals.
The Ugandan delegation, led by Ambassador Elly Kamahungye Kafeero, Head of the International Political Cooperation Department at the Ministry of Foreign Affairs, emphasized the strong existing relationship between the two countries. He highlighted the importance of using the JTC to address trade, investment, and other areas of mutual cooperation.
Both countries acknowledged that the current bilateral trade volume of US$1.3 billion does not reflect the full potential of their partnership.
Ajay Bhadoo, Additional Secretary at India’s Ministry of Commerce and Industry, also noted the significant untapped potential and called for concerted efforts to enhance trade for mutual benefit. He emphasized collaboration in sectors such as e-commerce, Micro, Small & Medium Enterprises (MSME) cluster development, pharmaceuticals, solar energy, and rural electrification.
The JTC discussed ways to enhance collaboration and agreed to review and finalize draft Memoranda of Understanding (MOUs) in public works and infrastructure, agriculture, ICT, standards, visa waivers for ordinary passport holders, and the renewal of the Regional Materials Laboratory MOU, which expires in January 2025.
The meeting was jointly organized by the Uganda High Commission in New Delhi and India’s Ministry of Commerce and Industry. The previous JTC session was held in Kampala in 2002.