Indo-African trade gets a boost

14 April, 2008:

The Indo-Africa summit that concluded on April 9, 2008 has reiterated the commitment of India and Africa to increase trade between the two countries in a mutually beneficial manner.

According to the agreement reached between the two countries, India would partner with Africa in its resurgence and extend support for its social, trade, agriculture and economic revival.

The two countries, with a long tradition of co-operation and mutual existence, discussed many subjects at the two-day summit. Addressing the summit, Prime Minister Manmohan Singh offered Indian assistance in ushering in a Green Revolution in Africa through holistic capacity building in agricultural production, storage and transportation.

Both countries decided to forge cooperation in the field of food security, high oil prices, and climate change. The ‘Delhi Declaration’ and the ‘Africa-India Framework for Cooperation’ adopted by the summit would be the base for future cooperation in the 21st century. The framework is a vision for collaboration in
wide ranging areas beginning with basic agriculture, food security, technology and trade to energy, capacity-building and cooperation on issues like the UN reforms, climate change, terrorism and multilateral trade negotiations. India had assured their African counterparts of significant help in development related issues. India has an edge in many areas such as technology, finance, marketing and agricultural practice.

The Indian leaders assured African leaders that India would help in all areas to solve their development-related issues. The new tie-up would also develop India’s engagement with African nations for mutual advantage. Conversely, Africa’s development can be accelerated with investments and technology transfer. It has plenty of natural resources comprising crude oil and minerals and the closer relations with the African continents will be proved beneficial for both - India and Africa.

African leaders have assured India of their support for New Delhi’s bid for a seat on any expanded United Nations Security Council. India's bid for permanent membership of the Security Council reached a setback in 2005 due to lack of support. India has also offered a duty-free access to 34 African countries under a ‘Duty Free Tariff Preference Scheme’ for Least Developed Countries.