Business Daily from THE HINDU group of publications
Saturday, Jul 29, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 29, 2006 |
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Industry & Economy
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Foreign Trade Government - Policy Cabinet nod for framework pact with SACU Our Bureau
New Delhi , July 28 The Union Cabinet has given its approval for entering into a framework agreement with the South Africa Customs Union (SACU). This agreement is expected to help expand trade and provide a mechanism to negotiate and conclude a comprehensive FTA within a reasonable period. In the meantime, plans are afoot to conclude a limited scope agreement providing for exchange of tariff concession on select list of products to both sides. Speaking to newspersons about the Cabinet decision, the Parliamentary Affairs Minister, Mr Priyaranjan Dasmunshi, said that the framework agreement would promote trade and economic co-operation between India and members of the SACU besides providing greater market access to India in the SACU region. The members are Botswana, Lesotho, Namibia, South Africa and Swaziland. India's major items of exports to the SACU nations include cereals, primary and semi-finished iron and steel, transport equipment, machinery and instruments, drugs, pharmaceuticals and fine chemicals. The major imports include gold, inorganic chemicals, iron and steel, metal scrap, pulp and waste paper and organic chemicals. India's total trade with SACU countries was worth $3.15 billion in 2004-05. While exports amounted to about $1 billion, imports were worth $2.15 billion.
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