An Indian foreign ministry official disclosed on Monday that India is currently engaged in deliberations concerning trade transactions conducted in domestic currencies with Tanzania. Furthermore, it was emphasized that New Delhi has been advocating for the use of the Indian rupee in these trade negotiations.
During a press briefing on Tanzanian President Samia Suluhu Hassan’s visit to India, Dammu Ravi, a secretary at the foreign ministry, revealed that Tanzania has expressed interest in securing additional lines of credit from India. These additional lines of credit encompass various sectors, including defense, and surpass the previously extended $1.1 billion offered by India.
In light of these deliberations and the growing economic ties between India and Tanzania, it is evident that both nations are actively exploring avenues to strengthen their trade relationships. The pursuit of trade in local currencies and the expansion of credit lines underscore the commitment of India and Tanzania to fostering mutually beneficial partnerships. As they continue to engage in these discussions and enhance their economic cooperation, the future holds promising prospects for the growth and development of their bilateral relations.