India optimistic about renewed SACU trade pact talks: Envoy

The agreement will offer market access for many Indian goods to South Africa, Namibia, Lesotho, Eswatini and Botswana.

He was addressing the second annual India-South Africa Business Conclave.

The impetus for a trade arrangement between India and SACU emerged in 2003, but have been stalled for over a decade now.

A joint study group (JSG) was established to examine the feasibility and potential scope of a trade agreement, followed by a number of meetings in ensuing years in Pretoria, New Delhi and Windhoek, a news agency reported.

Though SACU presented a revised text of the PTA by 2010, the talks considerably slowed down as both sides struggled to reach consensus on the list of products for tariff concessions.

India expressed interest in accessing SACU's market for its textiles and clothing, which SACU deemed highly sensitive sectors. On the other hand, SACU sought access for its agricultural products and minerals, facing competitive or sensitive responses from India.

Following the economic challenges arising out of the COVID-19 pandemic and, India and SACU revived the PTA discussions.

The diplomat invited delegates to participate in the India-Africa Forum Summit later this year which will bring together the heads of state from African countries in New Delhi.

Fibre2Fashion News Desk (DS)