India, South Africa pave way for preferential trade agreement
Terms of Reference signed; proposed agreement expected to boost trade and investment across key sectors
India and South Africa have paved the way for a Preferential Trade Agreement (PTA), with the Terms of Reference for negotiations already signed, opening the door for a significant expansion in bilateral trade currently valued at USD 18.01 billion.
Speaking at the India-South Africa Business Forum, MP Dr Vikramjit Singh Sahney, Member, BRICS Business Council, said the proposed PTA will give a major boost to trade and investment between the two countries by creating greater market access and unlocking new opportunities across minerals, manufacturing, agriculture, food security, fertilisers, services and skilled manpower.
“The agreement could become a transformational step in taking the economic partnership between India and South Africa to the next level.” Sahney added
Anil Sooklal, High Commissioner of South Africa to India, said India’s engagement with Africa has grown across multiple fields and has evolved into a broad-based partnership encompassing trade, investment, technology, skills and development cooperation.
He added that the proposed PTA has tremendous scope to significantly expand trade and investment between India and South Africa, creating new opportunities for businesses and helping both economies flourish.
Sahney stated that the relationship between India and South Africa is rooted in the shared legacies of Mahatma Gandhi and Nelson Mandela, and that this historic bond must now be translated into an even stronger economic partnership.
He further informed that the India-South Africa Business Forum was organised by the Confederation of Indian Industry (CII) and the Department of Trade, Industry and Competition (DTIC), South Africa, on the sidelines of the BRICS Summit in New Delhi.
