South Africa is in favour of a speedy finalisation of negotiations in respect to the proposed Preferential Trade Agreement (PTA) with India, said country’s minister.
“The negotiations between South African Customs Union (SACU) and the Indian government are taking longer than expected,” deputy minister of trade and industry of South Africa Mzwandile Masina said.
He said the major issue was “tariff lines”.
“Negotiations involving 1,000 tariff lines are complex. Our wish and aspiration is to make this thing happen,” Masina said adding, “Since India is more economically advanced than South Africa, it is our desire to consolidate trade relations with the country.”
At present, the two-way trade between India and South Africa is USD 8.9 billion.
Referring to Indian FDI in South Africa, the minister said over a 10-year period, total investments made by Indians in the African nation was USD 8.6 billion.
However, South African investments in India over the same period was USD 4.7 billion.
“India is not doing enough to promote investments in South Africa,” he told reporters.
South Africa today organised the International Trade and Investment Initiative (ITI) programme here, which was attended by business delegations from both the countries.
Masina urged Indian companies to join hands with South African firms and set up units there.