SA and India push for closer trade ties

South Africa and India are set to re-energise structures and forums that promote relationships and mutually benefit both countries. Speaking at the Westcliff Hotel in Johannesburg recently, South African Minister of Trade and Industry Dr Rob Davies said this was the outcome of intensive talks with a visiting Indian delegation of government officials and businessmen. “Both countries are committed to seeing our relationship strengthened. We are keen to see the CEOs forum re-energised while we also want to see more south-south trade,” said Davies. “At least 36% of world trade is already between developing countries. This trend has of course been accelerated by the global economic crisis and we hope in future to see at least half of world trade being conducted between developing countries.” He said with India already the tenth largest investor in South Africa, trade between the two countries had trebled between 2003 and 2007. Indian Minister of Commerce and Industry Anand Sharma agreed, saying annual trade between South Africa and India was in the region of R7 billion per annum. “We are committed to seeing this increase to at least R12 billion by 2010.” Both ministers said the re-energising of the CEOs forum was important to reach the goals. This forum will now meet twice yearly – once in South Africa and once in India - with the aim being to promote more trade and investment between the two countries from CEO level while also identifying areas where the two countries can collaborate to be competitive internationally. Business Unity South Africa and its Indian counterparts will be identifying primary contact points in each organisation to ensure continuity of the forum and the development of agendas and planning.