India, Tanzania discuss settling trade transactions in local currencies

New Delhi: India and the East African nation Tanzania discussed settling trade transactions in local currencies to boost bilateral economic ties, an official statement said on Friday.

The two have also discussed facilitating long-term business visas for Indian business persons, strengthening regulatory collaboration in pharmaceuticals and capacity building in areas of health, education and shipbuilding.

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The issues came up for deliberations during the India-Tanzania Joint Trade Committee, held on April 29-30, 2026, in Dar es Salaam, Tanzania.

It was co-chaired by Commerce Secretary Rajesh Agrawal, and Tanzania's Permanent Secretary, Ministry of Foreign Affairs Dr Samwel William Shelukindo.

"The discussions covered the promotion of trade settlement in local currencies," the commerce ministry said, adding that collaboration in the mining sector, including geological exploration and mining, value addition in the gemstone sector, regulatory developments related to gemstone exports, and opportunities for capacity building and skill development were also discussed.

It added that opportunities for collaboration in real-time payments, Digilocker, and digital services were explored.

India offered its expertise in shipbuilding and highlighted shipyard development and port infrastructure alongside potential partnerships with Tanzanian institutions.

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It added that India also extended support in the supply of locomotives and rolling stock, modernization of railway infrastructure, and capacity building through specialized institutions.

Bilateral trade reached USD 9.02 billion in 2025-26, rising from USD 8.64 billion in 2024-25.

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