Strengthening Ties: India and Africa's Road to Doubling Trade

Commerce and Industry Minister Piyush Goyal emphasized the potential for India and Africa to double their trade to USD 200 billion in the next seven years. Key sectors for collaboration include agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy. Goyal also highlighted opportunities in the IT, entertainment, and sports sectors.

Commerce and Industry Minister Piyush Goyal has highlighted the immense potential for economic cooperation between India and Africa, aiming to double bilateral trade to USD 200 billion over the next seven years. Speaking at the CII's India-Africa business conclave, Goyal outlined six key areas for collaboration, including agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy.

Goyal noted that 33 African nations do not currently participate in India's duty free tariff preference (DFTP) scheme, urging more countries to join to benefit from this partnership. He proposed setting a benchmark to double the current trade from USD 100 billion to USD 200 billion, emphasizing significant opportunities in infrastructure development, health, and financial inclusion in the IT sector.

The minister further highlighted potential collaborations in the entertainment and sports sectors, and stressed the importance of joint ventures in sustainable mining practices and value addition in critical minerals, such as cobalt, copper, lithium, nickel, and rare earths. These minerals are vital for clean energy technologies, especially in the electric vehicle sector.

(With inputs from agencies.)