India-South Africa $ 15 billion trade target to be achieved this year: Report

NEW DELHI: India and South Africa have exuded confidence of achieving the $ 15 billion bi-lateral trade target ahead of schedule in the current year itself.

The announcement follows Commerce and Industry Minister Anand Sharma's meeting with his counterpart Rob Davies during his two-day visit to South Africa from September 22.

"Both ministers expressed satisfaction over the fact that the bilateral trade had crossed $ 14 billion last year and that they would be able to meet the target of $ 15 billion this year itself, well ahead of the 2014 time-line," an official statement said today.

Both Sharma and Davies also took stock of the ongoing India-SACU (Southern African Customs Union) negotiations on preferential trade agreement (PTA), it said, adding Sharma emphasised the need for early conclusion of the pact.

India is negotiating to develop a PTA with SACU, which includes South Africa and the countries bordering it.

The two ministers also noted the growing investments by the private sector on both sides. Indian firms have already invested over $ eight billion in South Africa.

Sharma also called on South African President Jacob Zuma and discussed global and regional developments and areas of bilateral co-operation during his visit.