India has “noted with interest” the recent announcements regarding the signing of a Tripartite Free Trade Agreement and the launch of negotiations for the creation of a Continental Free Trade Agreement in Africa, Sushma Swaraj, India’s External Affairs Minister said on Tuesday.

“These are important developments and will stimulate further trade and investment,” the Minister said in her statement at the Third India-Africa Forum Summit here.

The External Affairs Minister felt that there was considerable synergy between the priorities being pursued by the Government of India and Africa’s Agenda 2063. “In the past, the solidarity between India and Africa was vital to defeat the forces of colonialism. Today, India and Africa are engaged in an equally vital struggle - the struggle to eliminate poverty and uplift our people,” Swaraj pointed out.

She added that both India and Africa are working to ensure provision of healthcare, education, employment, access to modern energy services, infrastructure, and connectivity between resources and markets. “The similarity of our priorities and shared purpose provide special strength and context to our partnership,” she added.

“India and Africa have worked together to develop a common understanding of our core priorities for an inclusive economic growth to eradicate poverty and allocate adequate resources for sustainable development,” the Minister said.

Africa is also rising

Pointing out that not only India but also Africa is rising, the Indian External Affairs Minister said the two were the most rapidly growing developing economies in the world. “We are very happy to note the intensification of India-Africa economic engagement in recent years. Our bilateral trade has multiplied 20 times in the last 15 years and doubled in the last five years to reach nearly $ 72 billion in 2014-2015,” she said, adding that there is growing investment by Indian companies in Africa in a range of sectors, such as telecommunications, hydrocarbons, agriculture, manufacturing, IT, water treatment and supply, drugs and pharmaceuticals, coal, automobiles, floriculture and textiles.

Turning her attention to the 3 million strong Indian diaspora in Africa, the Minister said they formed an important link between the countries. “They have worked together with their African brethren in opposing colonialism in the past and are today working for economic development in their home countries,” she said.

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