Time for India, Africa to Talk of Trade Pact: BVR Subrahmanyam

BVR Subrahmanyam, the Commerce Secretary, said on Wednesday that the time has come for India and Africa to start talking about a Comprehensive Economic Partnership or a Free Trade Agreement (FTA).

He also stated that India will sign a free trade agreement with the United Kingdom by October, complete talks with Canada by the end of the year, and reach an agreement with the EU by the middle of next year.

“The African Continental FTA, which came into force last January… It's early years, a lot of it has to get operationalized. The time has come for India and Africa to also start talking (on) how can they engage in a Comprehensive Economic Partnership or a free trade agreement,” Subrahmanyam said at the Valedictory Session of the 17th Confederation of Indian Industry (CII)-EXIM Bank Conclave.

He claimed that India's bilateral trade with Africa, currently worth $90 billion, is booming and will easily surpass $150 billion in three years. According to the secretary, India is already considering similar FTAs with Israel and the GCC.

“India would be more than happy to engage with fellow countries in Africa or even the large African Continental FTA…in terms of actually can we have a partnership there? That's going to be a win-win for both sides,” he said.