SA-India trade jumps 60% in six months

CLIVE EMDON
SOUTH AFRICA’S bi-lateral trade with India jumped 60% in the first six months of 2006 and could reach $4 billion (R30.8bn) by the end of the year, according to Navdeep Suri, consul general of India in Johannesburg. “There is so much untapped potential in both our countries,” he said in his address at the ‘Match-making Breakfast’ for Indian exhibitors and South African businesses at the SA International Trade Exhibition (Saitex) in Midrand last week. Some 55 Indian exhibitors representing 22 companies and five small industries as well as 98 business men and women from India attended the opening of the Indian pavilion at the exhibition. India is South Africa’s sixth largest trading partner in Asia. South Africa has various co-operation agreements with India involving several sectors, including technology, telecommunications and small business (SMEs). It has established an India-South African Commercial Alliance. South Africa also recently adopted the ‘New Delhi Agenda for Co-operation’ – a ‘South-South’ co-operation agreement with India and Brazil. The agreement will see the three nations sharing opportunities, experiences and achievements. The Department of Trade and Industry says the aim of the collaboration is to increase trade flows between the three countries from the current $4.6-billion (R35.4bn) to $10-billion (R77bn) by 2007. A Trilateral Business Council has been established as the framework for businesses from the three countries to work together. It’s expected that free trade deals currently being negotiated will evolve into an inter-continental free trade area.