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2011-03-10

India, S. Africa trade target crosses $10

An early finalisation of Preferential Trade Agreement between India and the Southern Africa Customs Union (SACU)

India, S. Africa trade target crosses $10

External Affairs Minister S.M. Krishna held wide-ranging talks with his South African counterpart Maite Nkoana-Mashabane They discussed a host of bilateral issues, including trade and investment, security cooperation and the UN reforms. Both sides expressed satisfaction that the target set by Prime Minister Manmohan Singh and President Jacob Zuma during his visit to India in June last year of bilateral trade of USD 10 billion by the year 2012 is likely to be achieved in the current financial year 2010-11, a joint statement issued at the end of the ministerial meeting said.

The two countries agreed for an early finalisation of Preferential Trade Agreement between India and the Southern Africa Customs Union (SACU). According to the statement, India welcomed South Africa into BRIC (Brazil, Russia, India and China), to which it has been recently admitted. The UN reforms also figured prominently in the discussions. "Both India and South Africa have joined the United Nations (UN) Security Council as a non-permanent member for the period 2011-12 and would work together in the council to hasten the process of reform of the United Nations, including reform of the Security Council," the statement said.

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