Indian
and African investments are targeting the sum of $200 billion, about N31,930 billion from bilateral trade by 2020, to
consolidate on the relationship and also work out a plan for currency
stabilisation.
These
decisions were taken during the recent visit of Union Commerce and Industry
Minister, Mr Anand Sharma to Johannesburg to attend the third India-Africa
Trade Ministers and India-Africa Business Council (IABC) meeting in which plans to chart
out a course of action for food security for its population, trade and economic
cooperation in various sectors including infrastructure and energy were made.
NaijaAgroNet learnt that Sharma also took up
with the African Trade Ministers the issue of food security and the urgent need
to protect the livelihood of both urban and rural poor in the developing and
least developed countries.
He
explained that India-Africa trade has crossed $70 billion about N11,184,588,132,348.95 in 2012 and is expected to reach $100 billion about N15, 977,988,713,653.12 by 2015 and called for fast tracking the process on
the proposed free trade pact with the 19-nation Common Market for Eastern and
Southern Africa (COMESA).
“We
are aiming at $200 billion about N
31,930,009,419,352.78 bilateral
trade with the African nations by 2020 and strongly feel that this can be
achieved without any difficulty,” Sharma said.
NaijaAgroNet
also got the hint that the WTO Bali round of negotiations, scheduled for
December, formed part of the discussion, with India making it clear that it
would not compromise on the livelihood of poor and marginalised sections
covered under the Food Security Programme, even as members expect a successful
outcome to ensure the continued credibility of WTO as an institution.
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