New Delhi, August 6: Union Commerce and Industry Minister Piyush Goyal announced on Thursday that India and South Africa discussed ways to enhance cooperation in critical minerals, pharmaceuticals, and manufacturing during the ‘BRICS 2026 Trade Ministers’ Meeting’ held in Jaipur.
During the meeting, both nations also deliberated on advancing the proposed Preferential Trade Agreement (PTA) between the India-Southern African Customs Union (SACU). They emphasized the need to sign the Terms of Reference (ToR) related to this agreement and finalize negotiations as soon as possible.
Separately, Piyush Goyal met with South Africa’s Minister of Trade, Industry and Competition, Ebrahim Patel. They discussed strengthening trade and economic relations between the two countries.
In a post on the social media platform X, Goyal stated, “We discussed signing the Terms of Reference for the India-SACU Preferential Trade Agreement, completing negotiations swiftly, strengthening India-South Africa trade relations, and exploring cooperation opportunities in critical minerals, pharmaceuticals, and manufacturing sectors.”
India is currently focusing on developing a secure and robust supply chain for critical minerals essential for clean energy technologies, advanced manufacturing, and strategic industries. Therefore, enhancing collaboration with South Africa is deemed crucial.
At the BRICS 2026 Trade Ministers’ Meeting, member countries discussed strengthening trade and economic cooperation, promoting innovation, developing strong value chains, and encouraging sustainable industrial development.
Minister Piyush Goyal mentioned that both countries considered measures to expedite trade negotiations, aiming to give new momentum to economic partnership between India and South Africa.
Meanwhile, according to data from the India Africa Entrepreneurship Forum (IAEF), trade between India and Africa has surged from $7 billion in 2001 to over $98 billion in 2023. Additionally, India’s total investment in the African continent has exceeded $75 billion.
This investment is primarily concentrated in telecommunications, pharmaceuticals, infrastructure, and agriculture. The IAEF estimates the combined economic potential of India and Africa to be around $7 trillion.
The forum believes there are vast opportunities for collaboration and investment between India and African countries in sectors such as healthcare, artificial intelligence (AI), fintech, climate technology, manufacturing, logistics, and digital infrastructure.
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