India, South Africa eye trade pact to boost business

NEW DELHI: India and South Africa are looking to a proposed preferential trade agreement to widen market access, with renewed negotiations offering a chance to reverse a recent decline in bilateral commerce.The proposed pact involves India and the five-member Southern African Customs Union, which includes South Africa. Terms of reference were signed on August 12. A PTA offers lower import duties on selected goods; the concessions still have to be negotiated.Bilateral trade fell to $15.56 billion in 2025-26 from about $18 billion a year earlier.At the India-South Africa Business Forum, MP and BRICS Business Council member Vikramjit Singh Sahney highlighted opportunities in 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,” he said.South African high commissioner Anil Sooklal said India’s engagement with Africa now covered trade, investment, technology, skills and development cooperation. He expected expanded business opportunities.Sahney urged both countries to turn the legacies of Mahatma Gandhi and Nelson Mandela into stronger economic ties.CII and South Africa’s Department of Trade, Industry and Competition organised the forum alongside BRICS events in New Delhi.Get the latest Business News and Live updates. Download the TOI app.