Economy Reports News Details

India and South Africa sign Preferential Trade Agreement

(13-Aug-26   16:20)

India and the Southern African Customs Union (SACU) have signed the Terms of Reference (ToR) for negotiations towards a Preferential Trade Agreement (PTA) in New Delhi. This signing is a significant move to enhance trade and economic ties between India and SACU Member States. Union Minister of Commerce and Industry Piyush Goyal emphasized the need for a balanced and fair trade agreement, highlighting that the partnership could diversify markets and create opportunities for prosperity. He noted India’s potential to provide affordable medicines and develop IT talent in the SACU region. Goyal also stressed the historical partnership with Southern Africa, rooted in a shared commitment beyond trade, recalling India's support during the apartheid struggle.