India and Zambia signed a Memorandum of Understanding (MoU) to boost trade between the two nations. Mr. Amit Shah, Union Home Minister and the Minister of Cooperation, informed the Lok Sabha that the ministry is working to strengthen India’s cooperative export ecosystem through Indian missions abroad. These efforts by the ministry are part of a broader strategy to boost cooperative exports. Apart from the pact with Zambia, National Cooperative Exports Ltd (NCEL) has also signed a Memorandum of Understanding with entities based in Senegal and Indonesia, specifically Sinton Vantage Trading and PT Sinton Surini Nusantara, respectively.
Aim to Strengthen Developing Exports Network
Union Cooperation Minister Amit Sahi in his written reply to the Lok Sabha, said that the ministry is focusing on developing India’s cooperative export network. The Union Minister is hopeful that it will be successfully done with the help of Indian Missions Abroad, which are also providing support in identifying markets and potential buyers for products from Indian Cooperatives.
Help has also been taken from Indian embassies and missions to supply a market information report to National Cooperative Exports Ltd. (NCEL). These missions also establish contacts with importers in specific countries, creating opportunities for cooperatives to enter new markets.
Other International Agreements
In addition to the Zambia pact, NCEL has signed agreements with Senegal-based Sinton Vantage Trading and Indonesia-based PT Sinton Surini Nusantara. These MoUs are aimed at developing cooperative trade links in different regions and product segments.
Objectives of the Agreement Between India and Zambia
The agreement between India and Zambia provides opportunities for the exchange of information, identification of trade opportunities, and steps to connect exporters and buyers. They cover a variety of goods and services produced by cooperatives in India, with the aim of increasing their access to overseas markets.