India, South Africa to expand trade basket
14 Nov 2009
India and South Africa have agreed to work towards an early conclusion of India-SACU preferential trade agreement (PTA) and bilateral investment promotion and protection agreement (BIPA) to give a fresh impetus to trade in goods and investments between the two countries.
Union commerce minister Anand Sharma and South Africa's minister of international relations and cooperation Maite Nkoana-Mashabane, who met in New Delhi on Friday, also agreed to reconstitute the India-South Africa CEO Forum at the earliest.
Meanwhile, both the ministers expressed satisfaction at the level of bilateral trade has touched $7.41 billion during 2008-09.
However, the balance pf trade was in favour of South Africa. While India's imports from that country rose to $5.44 billion during this period, India's exports to South Africa was a mere $1.97 billion.
On the two-way investment side, the ministers noted that Indian investments in South Africa were about $3 billion, with many projects still under implementation, investments by South African companies in India are currently around $100 million.
South African president Zuma is expected to be in India early next year on a state visit.
The two ministers also exchanged views on a wide range of issues, including bilateral and multilateral trade and investment related issues.