India, Tanzania Explore Bilateral Trade Settlement in Local Currencies

India and Tanzania Strengthen Economic Ties with Local Currency Settlements and Enhanced Cooperation

India and Tanzania have taken a significant step towards boosting their bilateral economic ties by discussing the settlement of trade transactions in local currencies. This development was announced in an official statement released on Friday.

The discussions took place during the India-Tanzania Joint Trade Committee, which was held on April 29-30, 2026, in Dar es Salaam, Tanzania. The committee was co-chaired by Commerce Secretary Rajesh Agrawal and Tanzania's Permanent Secretary, Ministry of Foreign Affairs Dr Samwel William Shelukindo.

The committee explored opportunities for facilitating long-term business visas for Indian business persons, strengthening regulatory collaboration in the pharmaceuticals sector, and capacity building in areas such as health, education, and shipbuilding. Additionally, they discussed collaboration in the mining sector, including geological exploration and mining, value addition in the gemstone sector, and regulatory developments related to gemstone exports.

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The discussions also covered opportunities for collaboration in real-time payments, Digilocker, and digital services. India offered its expertise in shipbuilding, highlighting potential partnerships with Tanzanian institutions. The country also extended support in the supply of locomotives and rolling stock, modernization of railway infrastructure, and capacity building through specialized institutions.

Notably, bilateral trade between the two countries has been increasing, reaching USD 9.02 billion in 2025-26, up from USD 8.64 billion in 2024-25. This growth demonstrates the growing economic ties between India and Tanzania, and the potential for further cooperation in various sectors.