According to one recent official statement, the government yesterday gave its ex-post facto acceptance to the agreement of trade to build strong economic ties between India and Ethiopia.
It is said that the trade agreement made is intended to replace the current existing pact that was signed in 1982. The choice was made in the Union Cabinet chaired by the Prime Minister Narendra Modi.
The Cabinet "has given its ex-post facto approval for the trade agreement between India and Ethiopia for strengthening and promoting trade and economic co-operation", the statement read.
The pact was finalised to sign on October 5th, during the state visit to Ethiopia by the President of India, Ram Nath Kovind.
"The trade agreement will provide for all necessary measures to encourage trade, economic cooperation, investment and technical co-operation," it added.
The bilateral trade between India and Ethiopia, had gone up to USD 854.6 million in the previous fiscal year, which later plunged to USD 840.5 million in 2016-17.