India and South Africa are pushing for an early finalisation of the country’s preferential trading agreement with Southern African Customs Union that could result in two-third duty cuts for select items traded between the partners.
Commerce and Industry Minister Anand Sharma requested his South African counterpart Rob Davies to expedite response of other SACU members to India’s proposal on the margin of preference in the PTA, an official release said. Other members of SACU include Botswana, Lesotho, Namibia and Swaziland.
Sharma and Davies met in South Africa on Monday to review the India-SACU PTA negotiations. PTA is a limited free trade agreement that includes select products.
“India has proposed that duties on select products be slashed on an average by 70 per cent as part of the PTA,” a Government official told
Sharma expressed India’s concerns at the temporary suspension placed by South Africa on frozen boneless buffalo meat imports from India. The Minister said that the matter may be looked into as Indian meat conforms to the highest international norms and standards.
Both ministers also decided to meet before the next BRICS trade ministers’ summit and also agreed to coordinate stances on World Trade Organisation (WTO) issues.
Sharma expressed satisfaction at the steps taken towards having a long-term arrangement for bilateral trade in gold, diamonds and minerals between India and South Africa.
South African officials have agreed to assist public sector sourcing agency MMTC in meeting relevant officers for enabling it to import various minerals directly from the small and medium mine owners and producers of coal and other minerals.
amiti.sen@thehindu.co.in