South Africa

Details

  • Industry: Business Desk, India
  • Type: Business and industry issue
  • Date: 2009/10/23

India-South Africa Corridor - November 2008 

SA has initiated talks on a preferential trade agreement with India - a move that would make trade easier. The move is in line with the motive to remap patterns traditionally centered on North-South trade relationships and to foster closer South-South ties.
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The third India, Brazil, South Africa (IBSA) Business Summit, in Delhi, focused on the significant changes in the global economy, marked by the rise of countries such as China, India, Brazil, Mexico, South Africa and Argentina.
 
Despite challenges, trade between the IBSA countries has been on the rise and the leaders concluded that trade agreements should focus on complementarities and not destructive competition. The IBSA countries have set themselves a target of increasing trade between them to USD 15 billion by 2010.