India, Zimbabwe likely to ink pact for cooperation in fast payments system

India and Zimbabwe have agreed to explore an opportunity to ink a pact for regulatory cooperation in tele-medicines, rough diamonds, and fast payments system, an official statement said on Wednesday.

It was agreed during the third session of India-Zimbabwe Joint Trade Committee (JTC), which was held here on May 13 and 14.

They also agreed to make concerted efforts towards enhancing bilateral trade.

"Both sides agreed to explore signing of Memorandum of Understanding (MoUs) for regulatory cooperation in digital transformation solutions, tele-medicines, rough diamonds, fast payments system and traditional medicine among others," the commerce ministry said.

They also identified several areas of focus for enhancing bilateral cooperation in pharmaceuticals, healthcare, machinery, vehicles, electrical machinery, mineral fuels, iron and steel, agriculture and food processing, and renewable energy, it added.

The two countries "agreed on closer collaboration between the Investment Promotion Agencies and Chambers of Commerce of both sides," it said.

The two-way trade between the countries stood at $166.51 billion.