India and Africa should target doubling two-way trade to $200 billion in seven years and try and include more African countries in the partnership so that its full potential is reached, Commerce & Industry Minister Piyush Goyal has said.
As many as 33 African countries do not participate in India’s Duty-Free Tariff Preference (DFTP) scheme for Least Developed Countries and they should take advantage of the scheme, the Minister said, addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave in New Delhi on Wednesday.
“Can we look at getting more and more countries to enjoy the fruits of this partnership and set a benchmark to double this trade number from $100 billion to $200 billion between India and Africa. I think we should look at doing that in seven years,” Goyal said.
Deeper ties
The Minister pitched for deeper India-Africa bilateral partnerships in areas like critical minerals, entertainment, and added that technology-led cooperation in agriculture will strengthen the food security of both regions.
Goyal said that Africa can compliment India’s need for critical minerals needed for sectors like EV. “He emphasised the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships,” per a press statement.
On the issue of food security, the Minister said India could contribute significantly to Africa’s agriculture sector and proposed collaboration in plantation sectors in Africa for export to India.
India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align with Africa’s development needs, Goyal said. He also noted that Africa’s strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. The focus, he said, should be on equitable trade.
Goyal offered the use of India’s digital public infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalisation and job creation.
Focussing on the entertainment sector as an area with significant potential for mutual collaboration, Goyal cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music.
