India would act as a trusted partner to expand trade, commerce, business, investment and opportunities with Africa, Commerce and Industry Minister Piyush Goyal said during his recent meeting with ambassadors from several African countries
India has expressed its interest in negotiating a free trade agreement (FTA) with Africa with an aim to boost economic ties between the two regions, in what some experts see as India’s attempt to play catch-up in a bid with China over commercial influence in the continent, reported northafricapost.com.
India would act as a trusted partner to expand trade, commerce, business, investment and opportunities with Africa, Commerce and Industry Minister Piyush Goyal said during his recent meeting with ambassadors from several African countries. India, which “is open to FTA negotiations bilaterally or individually with African countries or Africa as a whole”, would act as a trusted partner to expand trade, commerce, business, investment and opportunities with the continent, Goyal said.
Beijing has pumped billions of dollars into Africa over the last decade, building roads, bridges, and power installations in return for access to markets and resources. Indian–African trade reached US$ 89.5 billion in the 2020-21 period, up almost 60% from the previous fiscal year, according to data from the Ministry of Commerce & Industry. The ministry figures also show that India has a negative trade balance with sub-Saharan Africa
In such agreements, two or more trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, while easing norms for promoting trade in services and attracting investments.
India has been increasingly seeking to beef up commercial relations with its African partners. Some observers see it as India’s bid to catch up with China, whose trade with the continent climbed 35% from 2020 to reach a record-high US$ 254 billion last year — mainly due to an increase in Chinese exports. India is among the many countries increasingly wary about Beijing’s growing influence on the continent.
Beijing has pumped billions of dollars into Africa over the last decade, building roads, bridges, and power installations in return for access to markets and resources. Indian–African trade reached US$ 89.5 billion in the 2020-21 period, up almost 60% from the previous fiscal year, according to data from the Ministry of Commerce & Industry. The ministry figures also show that India has a negative trade balance with sub-Saharan Africa.
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