India-Africa Trade and Investment Agreement to Boost Economic Cooperation

· India’s experience in creating start-up ecosystem can benefit Africa

· Economic outlook promising for both India and Africa as they offer large markets and enormous opportunities

· India’s digital initiatives like UPI, ONDC can benefit Africa immensely

· India wants partnership on terms that will be comfortable and beneficial for Africa

Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Piyush Goyal has emphasized upon the need for a trade and investment agreement between India and Africa. Addressing the Special Ministerial Session at the 17th CII Exim Bank Conclave on India-Africa Growth Partnership on 19 July 2022, Mr. Goyal said that going forward, the economic outlook, in the long run, is going to be promising for both India and Africa, because this is where the markets and opportunities are present.

The Minister said that this conclave will certainly have a huge impact on our engagements, both bilaterally and also strengthen investment interest. “Every single engagement today demonstrates the immense possibilities between India & Africa. We will be able to offer new technologies that we are working in India that will help expand trade, commerce, business, investment & opportunities for Africa's youth,” the minister said.

Mr. Goyal said that we believe that the destiny of nearly 3 billion people is in our hands as India and Africa offer future opportunities that are unparalleled. “India has a decisive leadership today. India's development partnership with Africa will be on terms that will be comfortable to Africa that will liberate its potential and not constrain its future. We want Africa to grow and prosper”, he said.

The Minister said that Prime Minister Narendra Modi has stated our government’s commitment to the economic resurgence of Africa. He said India’s experience with digital revolution to support Africa's growth, extend education, health, spread digital literacy and quality infrastructure could be harnessed. Mr. Goyal said India’s Startups and our digital innovations like UPI, ONDC etc. can benefit Africa immensely.

The Minister said that India is pursuing deeper engagement with several developed countries and that India recently concluded a Comprehensive Economic Partnership (CEPA) with UAE, and Economic Cooperation and Trade Agreement with Australia. We are at an advanced stage of discussion with UK and are looking for an enhanced partnership with Canada, EU, Israel and other nations.

Concluding his address, Mr. Goyal said that as India enters the Amrit Kaal, it cares not only for the prosperity of its own citizens but for every citizen of the world.