2 days ago
India-South Africa Trade Expected to Gain Momentum at BRICS Summit
India and South Africa already trade goods worth about $12.5 billion each year.
South African officials expect this trade to grow after the BRICS Summit.
More than 120 South African companies are traveling to India with President Cyril Ramaphosa.
These companies will meet Indian businesses at the BRICS Business Forum.
Three additional events will focus on trade between the two countries.
Indian companies also use South Africa to reach other countries in southern Africa.
The two sides are negotiating a preferential trade agreement that could make business easier.
South Africa also wants India and other BRICS countries to cooperate more on artificial intelligence.
India-South Africa bilateral trade is currently worth about $12.5 billion annually.
More than 120 South African businesses are accompanying President Cyril Ramaphosa to the BRICS Summit.
Three side events will focus specifically on expanding India-South Africa trade.
South Africa is India’s largest trading partner in Africa, while India is South Africa’s fourth-largest global trading partner.
The envoy called for faster negotiations on a preferential trade agreement and deeper BRICS cooperation on artificial intelligence.
- Who
- South African High Commissioner to India Prof. Anil Sooklal, President Cyril Ramaphosa, and businesses from India and South Africa.
- What
- India and South Africa are seeking to expand bilateral trade, investment, and cooperation in artificial intelligence.
- Where
- India, including the BRICS Summit, the BRICS Business Forum, and related India-South Africa trade events.
- When
- The developments are expected to be advanced during the BRICS Summit; Prof. Sooklal discussed them on Monday.
- Why
- Businesses from both countries see opportunities for market access, while negotiations on a preferential trade agreement and closer Global South cooperation could support growth.
Key facts
- Current bilateral trade
- About $12.5 billion annually
- South African business delegation
- More than 120 businesses are accompanying President Cyril Ramaphosa
- South Africa’s African trade position
- India’s largest trading partner on the African continent
- India’s position for South Africa
- South Africa’s fourth-largest trading partner globally
- Trade agreement
- Negotiations are being fast-tracked for a Preferential Trade Agreement between India and the Southern African Customs Union
- Business forum
- South African companies will participate in the BRICS Business Forum and three India-South Africa trade events
- Technology cooperation
- South Africa wants artificial intelligence cooperation to become more deeply embedded in the BRICS agenda
Quotes
Anil Sooklal
South Africa’s High Commissioner to India
“We are seeing increasing interest from South African businesses in entering the Indian market. We have a very large trade delegation, perhaps the largest ever from South Africa to India, with more than 120 South African businesses accompanying President (Cyril) Ramaphosa for the BRICS Summit”
thehansindia.com
“India has been a leader in this area, particularly in establishing data centres and global capability centres. We would like to see greater cooperation in this field and would like AI cooperation to become more deeply embedded in the BRICS agenda”
thehansindia.com
Sources
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