India Negotiates Preferential Trade Agreement With Southern African Customs Union
On July 15, Windhoek, Namibia, a virtual meeting was held between India and the southern African Customs Union (SACU) on the resumption of bilateral preferential trade agreements (PTA). SACU consists of South Africa, Namibia, Botswana, Lesotho and eswatini (formerly Swaziland). SACU is led by Ambassador Steve katjianjo, executive director of the Ministry of industry, trade and small and medium sized enterprises of Namibia, and Mr. srikar Reddy, Joint Secretary General of the Ministry of Commerce, on the Indian side.
India has a close relationship with southern Africa. From 2019 to 2020, the trade volume between India and Africa will be 66.7 billion US dollars, among which the trade volume between India and SACU will reach 10.9 billion US dollars, with a bright future. Ambassador Steve said that India is an important strategic partner of SACU, and it is of great significance to strengthen bilateral cooperation in the post epidemic stage. Mr. Prashant Agrawal, India's High Commissioner to Namibia, said that India has a market capacity of US $2.9 trillion and has broad prospects for cooperation with SACU, including Namibia. India has promised to fully support Namibia's industrialization process, including the development of agriculture, irrigation, renewable energy, telecommunications, pharmaceuticals and medical supplies.
In 2006, the two sides announced the initiation of PTA negotiations to consolidate and expand the rapidly developing trade relations between SACU and India.
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