India, Africa trade target at $100 billion.

The government decided to increase the trade target between India and Africa to $100 billion.

Union Minister for Commerce, Industry and Textiles Anand Sharma met his counterparts from various African countries on Monday at a round table conference chaired by him. He informed the ministers that in spite of the sluggish trade growth, the bilateral trade target with Africa was being increased.

“We are upwardly revising the target to at least $100 billion by 2015... We may end up achieving it by the end of 2014 if we continue working together in the same spirit in which we have been working,” Sharma said.

The Indian investments in Africa are almost touching $50 billion, he said adding trade between India and Africa stood at $70 billion in 2011-’12.

Sharma also said that India has decided to open dialogue with the Common Market for Eastern and Southern Africa  (COMESA), which is the largest economic group in Africa. “We have established a joint study group for examining the feasibility of a Free Trade Agreement between India and COMESA,” Sharma said.

The African Ministers were in the capital to participate in the 9th CII-EXIM Bank Conclave on India-Africa Project Partnership. Seven heads of state and heads of government, over 80 senior ministers and parliamentarians from 45 African states participated.


Source : newindianexpress.com