New delhi: Egypt and India have taken a significant step toward strengthening their economic ties by signing a memorandum of understanding (MoU) to establish a joint Egyptian-Indian Chamber of Commerce. This agreement was formalized by Ayman El-Ashry, Chairman of the Cairo Chamber of Commerce, and Anant Goenka, President of the Federation of Indian Chambers of Commerce and Industry (FICCI).

According to State Information Service Egypt, the new chamber aims to create an institutional framework dedicated to promoting trade, investment, and industrial partnerships between the two countries. One of the key features of this partnership is the use of local currencies to facilitate financial settlements. Additionally, the chamber seeks to enhance flexible supply chains by integrating Indian technology with Egypt's Suez Canal logistics.

The MoU was signed during the BRICS Business Forum 2026, held in New Delhi on September 12-13. The ceremony was attended by Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce. Following the signing, El-Ashry highlighted the initiative's potential to support small and medium enterprises and leverage Egypt's strategic location. This initiative is expected to connect Indian investments with Arab and African markets and foster sustainable South-South cooperation within the BRICS framework.