New Delhi — India Commerce and Industry Minister, Mr Suresh Prabhu has called on Africa and India to consider a free trade agreement between the two regions.
Addressing the 14th Exim Bank Conclave in New Delhi, India, on March 18, Mr Prabhu said the two regions should examine if they could enter into a free or preferential trade agreement.
"We can think about a free trade agreement, and the fundamental principle will be how Africa will benefit first and India will benefit later," he said.
In addition, he said it could be another way of increasing Africa's share in the global market while assuring delegates that Africa would be a preferred destination for Indian investments.
Speaking at the same event, Ghana vice president, Dr Mahamudu Bawumia told the conclave that "Africa is the continent for the future, and that the time for Indian investors to come to Africa is now."
He said he believed that the conclave provided the right opportunities for further strengthening of already growing trade and investment between Africa and India.
He advised officials from African countries and India to engage in discussions that could open doors for business cooperation and mutual partnership engagement.
More than 20 countries participated in this year's EXIM Bank Conclave.
At the same gathering, the Exim Bank report on 'India-SADC Trade and Investment Relations: Harnessing the potential,' was officially released.
<i>Source : BOPA</i>