Courtesy: : PTI By Rediff Money Desk, New Delhi | Updated – April 25, 2025 at 12:50PM – IST
India and South Africa discussed using local currencies for trade; unified payment systems, aiming to enhance economic ties. The proposed India-SACU preferential trade agreement was also deliberated upon.
New Delhi, Apr 24 (PTI) – India and South Africa are advancing discussions on trading in local currencies and establishing a unified payment linkage system to bolster economic relations. The commerce ministry disclosed that these topics were deliberated during the recent Joint Working Group on Trade and Investment (JWGTI) meeting in Pretoria.
Key Discussions:
- CEO Forum Revival: Efforts to revive the CEO Forum were a focal point, aiming to enhance investment cooperation between the two nations.
- Market Access for Agricultural Products: Both countries explored avenues to facilitate market access for agricultural goods.
- Recognition of Indian Pharmacopoeia: Discussions included the recognition of Indian pharmacopoeia standards in South Africa.
- Local Currency Settlement System: Plans for a local currency settlement system were discussed to streamline trade transactions.
- Unified Payment Linkage System: The implementation of a fast payment system was also explored to facilitate quicker and more efficient transactions.
Bilateral Trade Highlights:
India-South Africa bilateral trade reached USD 19.25 billion in the fiscal year 2023-24, underscoring South Africa’s status as India’s largest trading partner in Africa. Indian investments in South Africa, totaling over USD 1.3 billion since April 2000, span various sectors such as pharmaceuticals, IT, automotive, banking, and mining.
This dialogue marks a significant step toward reinforcing economic cooperation and expanding mutual investment opportunities between the two nations.
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