India revives Preferential Trade Agreement with South African Customs Union
The South African Customs Union (SACU) comprises of South Africa, Namibia, Lesotho, Botswana and Eswatini. India and the South African Customs Union held a virtual meeting to discuss the aspects of Preferential Trade Agreement.
India during the meet revived its Preferential Trade Agreement with the grouping. Under the PTA, India is supporting manufacturing and industries in the countries. This mainly includes agriculture, irrigation, ICT, renewables, pharmaceuticals.
The trade between India and Africa as a whole is 66.7 billion USD. Of this, India and SACU trade stands at 10.9 billion USD.
The bilateral trade between India and Namibia in 2018-19 was 135.92 million USD. Namibia is rich in Uranium, copper, phosphates, diamonds, copper.
The trade between India and South Africa stood at 10, 584 million USD in 2018-19. The exports from India to South Africa includes drugs, transport equipment, pharmaceuticals, footwear, dyes, gems, jewellery, textiles and rice.