India-Africa bilateral trade grew 9.26% in 2022-23: Piyush Goyal
Bilateral trade of India with Africa grew by 9.26 percent in 2022-23, reaching almost $100 billion, Commerce Minister Piyush Goyal said while addressing the CII-EXIM Bank conclave on "India-Africa Partnership". Goyal expressed confidence in achieving the goal of doubling bilateral trade to $200 billion by 2030.
"Blessed with demographic dividend, India-Africa partnership can drive the global progress in this century," the minister said further. Goyal said that the exports and imports were approximately balanced with exports being $51.2 billion and imports being $46.65 billion in 2022-23. The minister said that 27 least developed countries of Africa benefit from the duty-free tariff preference on a non-reciprocal basis already and free trade agreements (FTAs), and comprehensive economic partnership agreements (CEPA) can be explored with other African countries as well.
He added that the India-Africa relationship has the potential to help fulfill the dreams and aspirations of around one-third of the world’s population. Goyal stated that both India and Africa are blessed with demographic dividends and with skill development and education of youth, this partnership can drive global progress in this century.
The minister highlighted how India can be the voice of the global south and take their voice at multilateral forums. Goyal stressed upon the creation of a powerful voice of the global south to influence the geopolitics of the world, ensuring equitable and inclusive growth. The minister said that India strongly believes that Africa’s rise globally is an absolute necessity in present times and is working together in a fast-track manner to achieve this ambition.
He said that India’s startup revolution and digital public infrastructure like unified payment interface (UPI), CoWIN and one nation one ration card (ONORC) have been helpful in enhancing ease of doing business and ease of living and can be replicated successfully for the benefit of Africa. Goyal also suggested exploring further cooperation in the field of logistics like roadways, railways and ports and a diverse, robust and resilient supply chain between Africa and India.
