India, South Africa Explore Local Currency Trade '' - Economic Ties Strengthened
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India and South Africa discussed using local currencies for trade '' unified payment systems, aiming to enhance economic ties. The proposed India-SACU preferential trade agreement was also deliberated upon.
Photograph: Tiksa Negeri/Reuters
New Delhi, Apr 24 (PTI) India and South Africa have discussed possibility of settlement of trade in local currency and unified payment linkage system with a view to further strengthen economic ties, the commerce ministry said on Thursday.
They also deliberated on the proposed India-SACU (Southern African Customs Union) preferential trade agreement.
These issues were discussed during the Joint Working Group on Trade and Investment (JWGTI) meeting with South Africa in Pretoria earlier this week.
"Major points for discussion in JWGTI included revival of CEO Forum, investment cooperation, market access issues with regard to agricultural products, recognition of Indian pharmacopoeia, local currency settlement system, fast payment systems/Unified Payment Linkage system," it said.
South Africa is the largest trading partner of India in the Africa region.
The bilateral trade stood at USD 19.25 billion in 2023-24. Indian businesses have invested over USD 1.3 billion in South Africa during April 2000 to September 2024.
These investments traverse diverse sectors, encompassing pharmaceuticals, IT, automotive, banking, and mining.
They also deliberated on the proposed India-SACU (Southern African Customs Union) preferential trade agreement.
These issues were discussed during the Joint Working Group on Trade and Investment (JWGTI) meeting with South Africa in Pretoria earlier this week.
"Major points for discussion in JWGTI included revival of CEO Forum, investment cooperation, market access issues with regard to agricultural products, recognition of Indian pharmacopoeia, local currency settlement system, fast payment systems/Unified Payment Linkage system," it said.
South Africa is the largest trading partner of India in the Africa region.
The bilateral trade stood at USD 19.25 billion in 2023-24. Indian businesses have invested over USD 1.3 billion in South Africa during April 2000 to September 2024.
These investments traverse diverse sectors, encompassing pharmaceuticals, IT, automotive, banking, and mining.
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