Talks on for preferential trade pact between India, South Africa

CHENNAI: Negotiations are on to sign Preferential Trade Agreement (PTA) between India and South Africa as a part of efforts to boost bilateral trade, a South African envoy said today.

"It is in negotiation. We negotiated with the Indian Government. But we still need our African brothers to agree. The process is on...," M W Mogale, Acting High Commissioner of Republic of South Africa to India, said at a conference organised by Southern India Chambers of Commerce and Industry ( SICCI) here.

"There should be much more increase in our trade relations," he said, adding the process for signing the PTA between the two countries was "continuing".

"We hope and wish that it will be concluded for the betterment of both the nations," he said.

Stating that the two countries were in the 20th year of bilateral ties since signing the first agreement in 1994, he said the trade between India and South Africa which was USD 5 billion in 2007 grew to USD 15 bn in 2012.

He appealed to the industry members to look at more provinces in South Africa apart from Johannesberg.

"The Abba province, Capetown are there. You should start to know about South Africa just like you know India," he said.

According to M M Murugappan, Honorary Consul of South Africa, India exports auto-components, leather, textiles to the African nation, while it imports agro-processing, energy among others.