India-Africa trade increases by 22%


India’s partnership with Africa, based on a consultative model of cooperation, non-prescriptive, participative, and responsive to the needs of the African countries, witnessed an increase in bilateral trade of nearly 22% from the last year (2018). Recently, 47 African leaders signed a framework establishing Duty Free Tariff Preference for the African Continental Free Trade Area, the largest free trade agreement since the creation of the World Trade Organisation. This far, 27 of the region’s countries have signed the agreement on free movement of people. The pact is expected to boost intra-African trade by 53.3% by eliminating import duties and non-tariff barriers and providing opportunities for expansion of trade ties. India views this development as another opportunity to boost trade and economic ties with Africa. Almost 90% of (India’s) raw cashew nuts are sourced from Africa, besides other agricultural commodities including pulses, spices, fruit and nuts. Mangoes from Malawi are the most recent African export to India. Click here to read the full article. – Financial News