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Government Communication and Information System, 1 October 2013 Africa and India meeting to enhance and strengthen their trade and investment relationship African Trade Ministers and the Minister of Commerce and Industry of the Republic of India are meeting in Johannesburg, South Africa from 30 September to 1 October 2013, within the framework of the annual Africa-India Ministers of Trade meetings, to further enhance and strengthen the trade and investment relationship between Africa and India in order to overcome the menace of poverty among their growing populations, as well as promote sustainable economic growth and development through improved trade and investment flows between Africa and India. The two day meeting opened today with a meeting of experts. Following the Banjul formula, the African side comprises the Chairperson of the African Union - Ethiopia; the previous Chairperson of the Union - Benin; the Chairperson of the African Union Commission; the founding members of the New Partnership for Africa's Development i.e. Algeria, Egypt, Nigeria, Senegal and South Africa; and the Regional Economic Communities (RECs). Delegates to today's experts' meeting highlighted the importance of the cooperation between Africa and India which has been growing over the years. African exports to India have been growing annually at 32.2% while Indian exports to Africa grew at 23.6%. Bilateral trade between the two could reach USD 176million by 2015. However the trade from the African side is not uniform across the continent, with only 6 countries accounting for 89% of total trade. The main African exports include crude oil (60%), gold (15%), phosphoric acid (3.8%), coal (3.5%), liquefied natural gas (2.7%), and shelled cashew (2.6%). As most of these exports are commodities, they are highly vulnerable to the movement of global commodity prices. In spite of this, Africa and India realise that there is significant potential for services trade, in particular in business travel and tourism, the largest services export sector in Africa, which remains relatively unexploited by the growing number of international travellers from India. The meeting will also seek to ensure that the interests of least developed and landlocked developing countries, the majority of whom are located in Africa, are advocated for strongly. "The agenda for our meeting is shaped by the need for a joint review and reflection on the emerging trends in trade, investment and their implication for our collaborative efforts to improve the quality of lives for our people," said African Union Commission's Director of Trade and Industry Mrs Treasure Maphanga. Today's experts' meeting was running parallel with a meeting of the Africa India Business Council. Outcomes of both meetings will be discussed by the Ministers tomorrow, resulting in a joint statement to guide the partnership over the next two years. The Ministerial meeting will be addressed by, among others, by Mr Rob Davies, Minister of Trade and Industry, South Africa; Mr Anand Sharma, Minister of Commerce and Industry; and Dr Nkosazana Dlamini Zuma, Chairperson of the African Union Commission, who will deliver the opening remarks. Following the opening ceremony will be a press conference to be addressed by the three principals. Issued by: Government Communication and Information System (GCIS) <http://www.gcis.gov.za/> Media contact: Wynne Musabayana Deputy Head of Information and Communication Cell: 076 787 2536 From: http://www.gov.za/speeches/view.php?sid=40126 -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/groups/opt_out.
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