India, South Africa pave way for preferential trade agreement
India and South Africa have signed terms of reference to negotiate a Preferential Trade Agreement. The deal aims to boost bilateral trade, currently valued at over $18 billion, across sectors like agriculture, minerals, and technology.
Why it matters
This agreement signals a deepening economic partnership between two major BRICS nations, potentially reshaping trade dynamics in the Global South.
India and South Africa have paved the way for a Preferential Trade Agreement (PTA), with the Terms of Reference for negotiations already signed, opening the door for a significant expansion in bilateral trade currently valued at USD 18.01 billion.Speaking at the India-South Africa Business Forum, MP Dr Vikramjit Singh Sahney, Member, BRICS Business Council, said the proposed PTA will give a major boost to trade and investment between the two countries by creating greater market access and unlocking new opportunities across minerals, manufacturing, agriculture, food security, fertilisers, services and skilled manpower.“The agreement could become a transformational step in taking the economic partnership between India and South Africa to the next level.” Sahney addedAnil Sooklal, High Commissioner of South Africa to India, said India’s engagement…
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