AFRICA AND INDIA MEETING TO ENHANCE AND STRENGTHEN THEIR TRADE AND INVESTMENT RELATIONSHIP
Johannesburg, South Africa 30 September 2013- African Trade Ministers and the Minister of Commerce and Industry of the Republic of India are meeting in Johannesburg, South Africa from 30 September to 1st October 2013, within the framework of the annual Africa-India Ministers of Trade meetings, to further enhance and strengthen the trade and investment relationship between Africa and India in order to overcome the menace of poverty among their growing populations, as well as promote sustainable economic growth and development through improved trade and investment flows between Africa and India.
The two day meeting opened today with a meeting of experts. Following the Banjul formula, the African side comprises the Chairperson of the African Union- Ethiopia; the previous Chairperson of the Union- Benin; the Chairperson of the African Union Commission; the founding members of the New Partnership for Africa’s Development i.e. Algeria, Egypt, Nigeria, Senegal and South Africa; and the Regional Economic Communities (RECs).
Delegates to today’s experts’ meeting highlighted the importance of the cooperation between Africa and India which has been growing over the years. African exports to India have been growing annually at 32.2% while Indian exports to Africa grew at 23.6%. Bilateral trade between the two could reach USD176million by 2015. However the trade from the African side is not uniform across the continent, with only 6 countries accounting for 89% of total trade. The main African exports include crude oil (60%), gold (15%), phosphoric acid (3.8%), coal (3.5%), liquefied natural gas (2.7%), and shelled cashew (2.6%). As most of these exports are commodities, they are highly vulnerable to the movement of global commodity prices.
In spite of this, Africa and India realize that there is significant potential for services trade, in particular in business travel and tourism, the largest services export sector in Africa, which remains relatively unexploited by the growing number of international travelers from India.
The meeting will also seek to ensure that the interests of least developed and landlocked developing countries, the majority of whom are located in Africa, are advocated for strongly.
“The agenda for our meeting is shaped by the need for a joint review and reflection on the emerging trends in trade, investment and their implication for our collaborative efforts to improve the quality of lives for our peoples”, Said African Union Commission’s Director of Trade and Industry Mrs. Treasure Maphanga.
Today’s experts’ meeting was running parallel with a meeting of the Africa India Business Council. Outcomes of both meetings will be discussed by the Ministers tomorrow, resulting in a joint statement to guide the partnership over the next two years.
The Ministerial meeting will be addressed by, among others, by Mr. Rob Davies, Minister of Trade and Industry, South Africa; Mr. Anand Sharma, Minister of Commerce and Industry; and Dr. Nkosazana Dlamini Zuma, Chairperson of the African Union Commission, who will deliver the opening remarks. Following the opening ceremony will be a press conference to be addressed by the three principals.
Media contact
Wynne Musabayana
Deputy Head of Information and Communication
African Union Commission
wynnemusabayana@yahoo.com
Telephone: +27767872536
Follow us on: https://twitter.com/_AfricanUnion
