Hyderabad:India and South Africa may conclude a Preferential Trade Agreement by the end of this year, which would significantly boost bi-lateral trade, according to Moketsa Ramasodi, Chief Director, Department of Agriculture, Republic of South Africa.
The current bilateral trade between India and South Africa was over $14 billion, he said at a meeting organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry here today.
Exports from India to South Africa include vehicles and components, transport equipment, drugs and pharmaceuticals, engineering goods, footwear, dyes and intermediates, he said, adding that there was substantial potential for trade growth between the two countries.
“We are sure, the India-SACU (South African Customs Union) PTA would enhance economic ties by reducing tariffs on several key products,” he said.
Devendra Surana, Faapci President, said significant investment opportunities could be tapped in the manufacturing sector, including food processing, floriculture, agro processing, petrochemicals, metals, textiles, leather, mining and transport.
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