New Delhi: India and South Africa on Friday
decided to expedite an agreement to promote two-way
investments which are currently estimated at USD 3 billion.
South African Minister of International Relations and
Cooperation Maite Nkoana-Mashabane met Commerce and Industry
Minister Anand Sharma and the two stressed the need also to
expand the trade basket.
Both countries agreed that an early conclusion of a
Bilateral Investment Promotion and Protection Agreement (BIPA)
will push up the trade in goods and investments, an official
statement said.
The proposed India-SACU Preferential Trade Agreement
(PTA) also came up for discussions. South Africa, Lesotho,
Swaziland, Botswana and Namibia have formed the South Africa
Customs Union (SACU) with a common custom tariff policy. Three
rounds of negotiations have already taken place for the PTA.
The two leaders also agreed that the CEO Forum should be
reconstituted at the earliest to promote business ties.
The bilateral trade had touched USD 7.40 billion during
2008-09. India’s imports from South Africa estimated at USD
5.44 billion while exports amounted to 1.96 billion.
Indian investments in South Africa were about USD 3
billion. Investment by South African companies were about USD
100 million.
The South African Minister also informed that President
Jacob Zuma has accepted the invitation to visit India. The
visit is likely to take place early next year.
Bureau Report
First Published: Friday, November 13, 2009, 21:16