SACU proposed preferential trade pact to help boost two
India and the South African Customs Union (SACU) are negotiating a preferential trade agreement to enhance bilateral commerce and investment. The pact aims to move beyond a buyer-seller relationship into a broader partnership covering technology, manufacturing, and agriculture.
Why it matters
Strengthening trade ties between India and the SACU nations could significantly impact economic growth and market access for both regions.
NEW DELHI, Sept 10: The proposed preferential trade agreement (PTA) between India and SACU group would help boost two-way commerce and investments between New Delhi and South Africa, South African High Commissioner to India Anil Sooklal said.Sooklal said the country's engagement with India has evolved into a broad-based partnership covering trade, investment, technology, skills and development cooperation.He said the proposed PTA has "tremendous scope" to significantly expand trade and investment between the two countries, creating new opportunities for businesses and helping both economies flourish.On August 12, India and SACU group signed terms of references (ToRs) for launching negotiations for a PTA.
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