India is revising its goal for trade with Africa upward, according to Indian Minister for Commerce, Industry & Textiles Shri Anand Sharma.
Despite an adverse global economic environment and contraction in India’s trade with major trading blocs, Sharma told the African trade ministers that India’s target is now at least $100 million by 2015 because he believes that target to be achieveable. In fact, he said, the goal could even be reached next year if the parties cooperate to boost commerce. Indian investments in Africa are nearly $50 billion.
Sharma also said India will begin a dialogue with the Common Market for Eastern and Southern Africa. “We have established a Joint Study Group for examining the feasibility of a Free Trade Agreement between India and COMESA,” Sharma said. Negotiations for a preferential trade agreement with the Southern African Customs Union also are under way, he noted.