ASSOCHAM signs MoU with Afghanistan Chamber of Commerce and Investment to boost bilateral trade

New Delhi [India], June 24 (ANI): The Associated Chambers of Commerce and Industry of India (ASSOCHAM) signed a Memorandum of Understanding (MoU) with the Afghanistan Chamber of Commerce and Investment (ACCI) to boost bilateral trade and strengthen historical economic ties between the two nations. The agreement focuses on expanding private sector cooperation and identifying new investment channels, with a particular emphasis on natural resources and manufacturing.
Speaking to the media after the MoU signing ceremony in New Delhi, ASSOCHAM President Nirmal Kumar Minda stated that the agreement serves as a framework to modernize and scale long-standing commercial relations.
"Our relationship with Afghanistan is centuries-old," Minda said. "To give a new strength to those ties, this MoU signed today between the Afghanistan Chamber of Commerce and our ASSOCHAM will increase our bilateral trade."
The two trade bodies aim to significantly increase current trade volumes by addressing specific industrial needs and establishing direct communication channels between entrepreneurs from both countries.
"There is a trade of about 1 billion from both our countries. Which is a little less than last year. And because of the Gulf War, it was a little less in the middle. But now I feel that it will increase further," Minda mentioned.
Under the terms of the agreement, both chambers established an immediate timeline to evaluate mutual commercial interests through regular digital forums. These initial consultations will determine the viability of sending an Indian business delegation to Afghanistan to explore ground-level opportunities.
"We are considering how we can double our target," Minda said. "So we will be having discussions with every member of our association. They have identified their three focus sectors: mining, oil and gas, and sugar."
The operational strategy involves a structured schedule of bi-weekly and monthly virtual meetings over the next sixty days to gauge interest among private sector enterprises and industrial entrepreneurs on both sides.
"We have set a target within the next one or two months," Minda said. "We will have two or three web meetings with them every 15 days to a month and after two or three web meetings. They repeatedly requested that 'you bring your delegation,' so we will try that if in our web meeting, there is interest from their side, industrial entrepreneurs, private sector and from our side, then we will go there with our delegation of 15-20 people."
The long-term objective of the partnership extends beyond standard import and export trade, focusing instead on reciprocal industrial establishment. The final phase of the economic roadmap aims to facilitate the setting up of physical manufacturing units in both jurisdictions to ensure sustained economic integration.
"Our second target is that two of our industries should be set up there and two of their industries should be set up here," Minda said. (ANI)