Prabhu wants India-Africa trade boosted
India would negotiate a Free Trade Agreement (FTA) with African nations which will be beneficial to Africa needs, Commerce and Industry Minister Suresh Prabhu said in New Delhi on 25 Mar 2018.
It will be called African Continental FTA (AfCFTA), he said at the 13th CII–Exim Bank Conclave on India–Africa Project Partnership.
Noting India and Africa bilateral trade stood at US$53 billion, he called for efforts to boost volume and diversify the trade basket.
Prabhu revealed his ministry was revamping export insurance and the Project Export Promotion Council would provide the much needed boost to India’s exports to Africa.
Additionally, the Indian Government was seeking to set up a new India–Africa Development Fund which would synergise the Lines of Credit as well as other export promotion and development programmes to bring about a more holistic development of the continent.
He also highlighted the need for Indian companies to invest in Africa, pointing it being the reason for Asia–Africa Growth Corridor being developed.
He also highlighted the government’s intention to strengthen connectivity links with Africa especially in the area of Civil Aviation.
The conclave was organized by the Confederation of Indian Industry in cooperation with the Exim Bank of India, Ministry of Commerce and Industry and Ministry of External Affairs in New Delhi. fii-news.com
