India, Egypt call for zero tolerance towards terror, discuss trade in rupee

NEW DELHI:  India and Egypt decided on Wednesday to elevate their ties to the level of a strategic partnership, with Prime Minister Narendra Modi and Egyptian President Abdel Fattah El-Sisi resolving to broadbase the bilateral engagement in the areas of defence, security and trade, and calling for “zero tolerance” towards terrorism.

Sisi is on a three-day visit to India, and will be the first Egyptian leader to be the chief guest at India’s Republic Day on January 26. This is the 68-year-old General-turned-politician’s third visit to India. An Egyptian army contingent will also take part in the parade.

“President Sisi and I discussed ways to augment cooperation in healthcare, environment and global supply chains. We also talked about issues pertaining to security and the need to end cross-border terrorism,’’ said PM Modi. The two nations have signed agreements for cooperation in IT, cyber-security, culture, youth matters and broadcasting. Bilateral trade is expected to increase from the existing $7 billion to $12 billion in the next five years.

There has also been an interest in promoting trade in the Indian rupee. “When we talk of economic engagement it is very natural to look at all process-based solutions, which can boost trade. If going forward in our discussion we find out that rupee settlement can give a boost, it would be our objective to try and see that international trade in some geographies can get settled in rupee trade,’’ said foreign secretary, Vinay Kwatra.

Meanwhile, both leaders perceived terrorism as the most serious security threat to humanity and agreed that concrete measures were required to end cross-border terrorism. Bilateral cooperation would include sharing of information and intelligence on terrorism.

India has invited Egypt to participate as a guest country in the G20 meetings during its presidency which is a testament of the high priority India attaches to its relations with Egypt. Sisi said Egypt was keen on working with India on counter-terrorism and defence. He said the global economic situation and its impact on developing countries had figured in the talks.