Home / Knowledge / News / Textiles / Anand Sharma raises trade target with Africa to $100bn
Anand Sharma raises trade target with Africa to $100bn
19
Mar '13
The Union Minister for Commerce, Industry & Textiles Shri Anand Sharma conveyed to the Trade Ministers of various African countries that despite the gloomy global environment, where there has been a contraction of trade, and with India’s own trade contracting with major trading blocks, “we are upwardly revising the target to at least USD 100 billion by 2015 because I feel that that is achievable”. He further added that “we may end up achieving it by the end of 2014 if we continue working together I the same spirit in which we have been working.” Shri Sharma also informed the African Ministers that the Indian investments "are now touching close to USD 50 billion in Africa".

Shri Sharma also informed the Trade Ministers from Africa in India-Africa Ministers Round Table Meeting here that India has taken a decision to open dialogue with The Common Market for Eastern and Southern Africa (COMESA) members - the largest economic group in Africa. “We have established a Joint Study Group for examining the feasibility of a Free Trade Agreement between India and COMESA,” conveyed Shri Sharma to the Ministers from different African countries. He further added that the Preferential Trade Agreement negotiations with the Southern African Customs Union countries are also underway.

Shri Sharma also encouraged some countries from Africa to avail the facilities of the Duty Free Tariff Preference Scheme, announced by India for the Least Developed Countries (LDCs). The Scheme grants duty-free access on 85 per cent of tariff lines and preferential access on 9 per cent of tariff lines, covering 92.5 per cent of global exports of all LDCs. The average margin of preference under this Scheme is in the range of 50-60 per cent. “Of the 28 LDCs who have joined the Scheme, 21 countries are from Africa. We encourage other African LDCs to also avail of the Scheme,” said Shri Sharma.

Shri Sharma also discussed the developments made by India-Africa Business Council (IABC), which was constituted during the India Africa Trade Ministers’ Meet held at Addis Ababa in May 2011. Shri Sharma expressed hope that the new economic partnership will present India and the countries of the African continent with substantial opportunities to increase trade and investment activities, enhance market access for goods and services and develop greater competitiveness by leveraging their respective strength.

Shri Sharma also approved the expansion of the Technical Assistance Program on cotton for Africa being coordinated by Department of Commerce to cover Mini-Mission III (development of Market yards) and Mini Mission IV (development of cotton ginning and pressing factories) to be implemented by Ministry of Textiles.

The African Ministers are here as part of the biggest ever 9th CII-EXIM Bank Conclave on India-Africa Project Partnership, with the participation of seven heads of state & heads of government, and over 80 senior ministers and parliamentarians from 45 African states and delegation of more than 900 delegates.

Ministry of Textiles


Must ReadView All

Alliance to form joint entity for safety in factories

Textiles | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Courtesy: Skineez Skincarewear

Apparel/Garments | On 24th Apr 2018

Skineez, Walmart partner for smart wearables

Skineez Skincarewear, a leading cosmotextile skincarewear company,...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search