India has proposed to Africa that both sides should work towards entering
into a free trade agreement (FTA) or a preferential trade agreement (PTA) to
enhance and strengthen their economic relationship in a new global trading
order.
This suggestion came from Suresh Prabhu, Minister for Commerce and
Industry and Aviation, during his address at the 14th CII-EXIM Bank
Conclave on India Africa Project Partnership in the Capital.
Prabhu said the proposed FTA should look to first benefit Africa and help
increase its share in the global market place.
“We have a common future. We don’t want to do anything at the expense of
Africa. We want you to get into an FTA (with India) that will benefit Africa
first,” he said.
Prabhu said that both India and Africa have to work together to take
advantage of the new global trading order. He also said both the countries
need to become economically self-reliant and work for economic freedom.
Economic freedom can be realised through industrialisation and creation of
jobs, he said.
Speaking on the occasion, Commerce Secretary Anup Wadhawan said the
Commerce Ministry was working on a “comprehensive strategy” to boost
India-Africa trade.
In 2017-18, India-Africa bilateral trade was about $63 billion, higher than
$52 billion in the previous fiscal.
The potential for trade and investment ties is much more and there is also
need to diversify the bilateral trade basket, Wadhawan added.
Source: The Hindu Business Line, India Monday, 18 March 2019