India keen on signing preferential trade agreement with South African Union

Having unveiled a slew of incentives to exporters who seek to explore new markets and destinations for their products, Union Minister for Commerce and Industry Anand Sharma on Saturday said that India’s presence in and exports to African nations are causing concern to a number of international players, especially in view of India’s growing share of generics.

“There is tremendous amount of goodwill and support for Indian products in the African nations. We are actively pursuing the signing of preferential trade agreement with South African Customs Union (SACU) which would open floodgates for Indian exports and companies to do business and make major investment in African nations. This new treaty is expected to provide a gateway to our exporters to the African economies,” Mr. Sharma said here. The Commerce Minister is scheduled to leave for Russia on Sunday to attend an investment forum meet organised by the Confederation of Indian Industry.

Mr. Sharma said that India’s growing share of generics in Africa had already started causing concern among some multinational players who have started off a campaign against Indian medicines as being counterfeit and sub-standard. A recent case was the seizure of huge consignment of drugs in Nigeria which were manufactured in China but bore ‘Made in India’ labels. India’s export of drugs, pharmaceuticals and fine chemicals have registered a 29 per cent growth at Rs. 39,538 crore during 2008-09 over the previous year and that Indian companies have established their lead in most of the markets, including Africa.

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Printable version | Nov 29, 2020 1:31:10 AM |

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