Trade ministers to meet on Oct 23 ahead of India-Africa Summit

Trade ministers from several African nations will converge in India for the India Africa Trade Ministers Meeting (IATMM), so as to boost the trade relationships and fast track regional agreements. The fourth India-Africa trade ministers’ meeting will be held on 23 October prior to the India Africa Forum summit scheduled for 26-30 October. The Ministry of Commerce and Industry is organizing the 4th IATMM, which hopes to see the participation from across the African continent. Commerce Ministry said that the move will provide an opportunity to India to take stock of the countries trade relation and also explore the possibilities of taking India’s engagements to the next level.

The aspects which will be discussed during the meetings are stronger trade ties, particularly in oil and gas sector, strengthening maritime cooperation and lifting the overall engagement to a new high. A number of African countries, including Tanzania, Sudan, Mozambique, Kenya and Uganda, have huge oil and gas reserves and India wants to invest in the sector to fuel its economic growth. Other major focus will be having a solid partnership in exploiting the blue economy where blue economy is marine-based economic development that results in overall improvement in human well-being and social equity.

Trade ministers of 53 countries have been extended invitations to participate in the 4th IATMM, along with the Commissioner for Trade and Industry, African Union Commission, and Secretary Generals/Heads of 8 Regional Economic Communities (RECs) in Africa which includes Arab Maghreb Union (UMA), Southern Africa Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA) and Economic Community of West African States (ECOWAS).

At present India’s trade with Africa stands at $75 billion and it has granted some $7.4 billion for various developmental and capacity building projects in the past four years where India has implemented a total of 137 projects in 41 African countries. India Africa submit will see participation of over 400 business delegates from Africa besides all major Indian chambers of commerce. Representatives from 54 African nations, including heads of state of some 40 countries, and the powerful African Union are expected to participate in the four-day summit beginning October 26.