4th India-Africa trade ministers' meeting held
As many as 37 delegations, comprising of Trade Ministers and officials from few African countries including Algeria, Congo, Egypt, Ghana, Kenya, Namibia, Somalia, South Africa and Zimbabwe, took part in the meeting.
To review the existing trade and business relations between India and Africa, the 4th IATMM was conducted here. Delegations from India and African counties discussed on the Duty Free Tariff Preference (DFTP) Scheme, Services Waiver for LDCs and Cotton Technical Assistance Programme (TAP).
Commerce & Industry minister Nirmala Sitharaman said that Africa was a natural partner of India. “Together, we can have a positive influence on the future global economic order. India and Africa face similar challenges and concerns. The world economy offers tremendous opportunities to the two Fastest Growing Regions.”
Addressing the Trade Ministers here, Nirmala Sitharaman said that India had been one of the first countries to provide a services package for Least Developed Countries (LDCs) and had also waived visa fees for businessmen from LDC countries travelling to India.
“During the First India-Africa Forum Summit in 2008, India had announced to grant Duty Free Tariff Preference to Least Developed Countries (LDCs) in order to open the Indian market to greater exports from African countries. Since April 2014, the scheme has been further expanded and as of now India provides duty free market access on about 96% of India’s tariff lines,” she said.
Talking about the importance of India-Africa Summit, Nirmala Sitharaman said, “The Summits have become a unique platform where the Government of India and African partners identify areas of cooperation through dialogue and strive to expanding and enhancing the partnership. Cooperation in Trade, Technology and Capacity Building form the basis of our relationship.”
“India has made significant progress transforming itself from being an importer to a net exporter in many sectors since independence. India would endeavour to share its experience and expertise in partnering with African countries which have potential for value addition, creating jobs, enhancing livelihood and ultimately attaining a better quality of life,” she further added.
Meanwhile, a round table on the WTO issues was also held during the meeting here on Friday.
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