Cairo [Egypt], November 15 (ANI): India and Egypt have agreed to draw up terms of reference and examine whether the two countries could pursue a preferential trade agreement or a free trade agreement, Union Commerce and Industry Minister Piyush Goyal said on Sunday.

Speaking at the India-Egypt Business Forum in Cairo after the seventh meeting of the Joint Trade Committee, Goyal said, "Minister Farid and I have also discussed and decided that we will task our officials to work on the terms of reference and examine the potential of either a preferential trade agreement or a free trade agreement between our two countries."

Goyal said a pact could give businesses in both countries better access to each other's markets and allow them to trade on more competitive terms. He said the two sides would also look at ways to improve cooperation between customs authorities and explore mutual recognition agreements involving testing agencies.

Bilateral merchandise trade rose 64 per cent year-on-year to USD 5.04 billion in April-September 2026, according to Commerce Ministry data. In the full 2025-26 financial year, India exported goods worth USD 3.87 billion to Egypt and imported USD 2.60 billion. Machinery and petroleum products were among India's major exports, while crude petroleum and fertilisers were among its major imports.

Goyal urged Indian companies to use Egypt as a base for reaching other markets. "Visit the Suez Canal Economic Zone," he said, asking companies to plan their strategy for Africa, the Middle East and Europe from Egypt.

Egypt's Minister of Investment and Foreign Trade Mohamed Farid Saleh invited Indian companies to consider a dedicated zone where businesses from both countries could operate together. He said Egypt could offer land in the Suez Canal Economic Zone, the Golden Triangle or elsewhere in the country.

"We had agreed on many things, but this I'm putting on the table for the businesses to decide," Saleh said of the zone proposal.

Goyal said the two countries would sign a startup partnership agreement on Monday and hold the first Egypt-India Startup Forum. (ANI)