September 1, 2020: India-Africa trade having multiplied and diversified in the last 16 years, the focus is on making India resilient for business opportunities in Africa. Speaking at the webinar on `Making Africa Resilient for Indian Business’, organized by industry body FICCI, Rahul Chhabra, Secretary, Economic Relations, Ministry of External Affairs (MEA), has said, “The Free Trade Agreement has been negotiated within Africa and it is just a matter of time before it will be implemented and it will be a game-changer.”
Once the FTA is in place, it will open great opportunities for those Indian businesses who are desirous of setting up their base there.
“India could play by working on the entire business value chain, covering aspects like capacity building, training and aligning with the strategies the industry is chalking out, for enhancing India’s presence in Africa,” he said.
Mentioning Prime Minister’s 10 guiding principles for deepening India’s engagement with Africa, which will help in Africa’s economic growth, according to him “India’s partnership with Africa is based on a model of cooperation, which is responsive to the needs of African countries and India is ranked as the third-largest export destination in Africa.”
Importance of Trade Agreements
Speaking on condition of anonymity, a top diplomat said “A Comprehensive Economic Partnership Agreement can be a game changer but we should make it truly partnership based without preaching Africa that it is to their benefits. We must believe that African people can see the benefits and we should focus comprehensively on creating win-win economic Partnerships.”
Defence Exports to Africa
The Defence Attaches in the Indian missions across the globe especially in South America, Africa and Indian Ocean Region (IOR) are identifying what indigenous defence platforms can be exported. “The Ministry of External Affairs and the Ministry of Defence after consultation with other agencies have drawn up a list of friendly nations and the items that can be exported,” said a source.
Several countries in Africa, in the Indian Ocean Region as well as South America, have been identified and the government has plans to organize virtual calls and interaction to understand what is the requirement in these countries.
As has been reported by Financial Express Online earlier this year at the DefExpo in Lucknow, the first-ever India-African Defence Ministers’ conclave was organised where the Defence Ministers, as well as top officials, were present from the African missions.
Source: Financial Express
