India can profit from free commerce pact with Africa: Government

KV Prasad

Tribune News Service

New Delhi, August 28

Underscoring India’s dedication in the direction of progress in relations with Africa, New Delhi stated the nation’s companies can profit from the African Continental Free Trade Agreement that’s gathering tempo.

From $5 bn to $69 bn

  • From a modest $5 billion in 2001, India’s bilateral commerce with Africa now stands at $69 billion, recording a 12 per cent year-on-year progress
  • India has to this point carried out over $6.four billion below the Lines of Credit of the general $10 billion committment made on the 2015 India-Africa Forum Summit

Characterising the proposed pact as a ‘game changer’ Rahul Chhabra, Secretary (Economic Relations) within the Ministry of External Affairs stated increasingly more African international locations had been becoming a member of the settlement and an enormous alternative might are available in just a few months time. Till date, 30 of the 54 international locations have ratified it.

“Making Africa resilient for Indian business should be followed up by making Indian business resilient for Africa,” he stated, addressing a webinar on “Making Africa Resilient for Indian Business” attended by members of the Indian and African Diplomatic Corps.

Stating that India is a pure match to interact in enterprise in a difficult surroundings in Africa, he stated the 10 guiding rules outlined by Prime Minister Narendra Modi throughout his go to to Uganda in 2018 stay a precedence. During the previous few years, India’s concentrate on Africa led to an unprecedented 34 high-level visits, together with by the President, Vice-President and the Prime Minister.

He acknowledged India has opened 9 of the 18 new missions in Africa and urged to the enterprise group to achieve out to the Embassy/High Commission with particular points.

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