India South Africa Trade Agreement

World Trade Organization (WTO) – India and South Africa support the WTO as the only multilateral mechanism for world trade, trade and central importance recognized in the Doha Development Agenda. On 12 July 2018, India and South Africa presented a joint proposal to the WTO which stated that “the 1998 1998 imemateurs, when WTO members first approved the temporary customs moratorium on electronic transmissions, changed considerably over the next two decades.” Their main assertion is that the current moratorium can result in a loss of competitiveness among developing countries, which have higher tariffs on physical products, while the same product, in digital form, attracts duty-free. This joint India-Africa report noted attempts by industrialized countries to make commitments more comprehensive and stricter through the negotiation of regional trade agreements and multilateral agreements. India-India trade was $9.380 billion in 2017-18 (17.04.2018), while Indian exports totaled $3.546 billion and Indian imports $5.834 billion. From a continental perspective, 44.7% of South Africa`s total imports and 32% of South African exports in 2017 were exported to Asian countries. India was the fourth largest import partner and, in 2017/18, the fifth largest export destination for South Africa. Bilateral trade and investment – India is South Africa`s fifth largest export, and Asia`s fourth largest importer and second largest trading partner. Both countries are working to boost trade volumes in the coming years. Bilateral trade between India and South Africa currently stands at $10 billion. In 2016, the two countries set a goal of doubling bilateral trade and bilateral investment to $20 billion by 2021. The growth in trade between the two countries is important.

According to information available to the South African Ministry of Trade and Industry, South African exports to India amounted to $4.2 billion, or 4.7% of total exports. Bilateral trade has grown exponentially, from US$3 million in 1992-93 to $4 billion in 2005-06, and both governments have sought to expand bilateral trade to $12 billion by 2010. [2] [5] Gold lignures account for one third of India`s imports from South Africa, while India polishes and processes diamonds from South African mines. [6] South Africa participated in the signing of a free trade agreement with India and the Southern African Customs Union (SACU), which includes Botswana, Lesotho, Namibia and Swaziland, as well as South Africa. [7] India`s relationship with South Africa is both fundamental and unique, centuries old and rooted in common ideals, ideas, interests and icons, such as Mahatma Gandhi and Nelson Mandela. However, their bilateral relations remained tense for a long time due to the apartheid government in South Africa. After its independence, India intensified its fight against multilateral organizations such as the United Nations, the Commonwealth and the AllianceLess Movement (NAM) and was the first country to strengthen its trade relations in 1946 and subsequently imposed political and economic sanctions.