New Delhi: India and South Africa discussed ways to expand cooperation in critical minerals, pharmaceuticals and manufacturing on the sidelines of the ‘BRICS 2026 Trade Ministers’ Meeting’, Commerce and Industry Minister Piyush Goyal said on Thursday.
As India aims to secure resilient supply chains for critical minerals, Goyal met Parks Tau, Minister of Trade, Industry and Competition of South Africa, on the sidelines of the BRICS meeting in Jaipur.
The two nations discussed advancing the India–Southern African Customs Union (SACU) Preferential Trade Agreement (PTA) at the meeting.
“We discussed the signing of Terms of Reference (ToRs) for India-SACU PTA and early conclusion of negotiations, strengthening the India-South Africa trade engagement and explored opportunities for cooperation in the critical minerals, pharmaceuticals and manufacturing sectors,” the minister posted on social media platform X.
India hosted the meeting in Jaipur under the BRICS India 2026 Presidency. The meeting brought together BRICS nations to strengthen trade and economic cooperation, foster innovation, build resilient value chains, and promote sustainable industrial growth.
Goyal said that the two countries explored ways to conclude negotiations at the earliest, with a view to strengthening India–South Africa trade engagement. The discussions assume significance as India looks to secure resilient supply chains for critical minerals needed for clean energy technologies, advanced manufacturing and strategic industries.
Meanwhile, trade between India and Africa rose from $7 billion in 2001 to more than $98 billion in 2023, while cumulative Indian investment on the continent now exceeds $75 billion, concentrated in telecommunications, pharmaceuticals, infrastructure and agriculture, according to figures compiled by the India Africa Entrepreneurship Forum (IAEF).
According to the IAEF, India and Africa together represent a combined economic potential close to $7 trillion, with growing opportunities in healthcare, artificial intelligence, fintech, climate technologies, manufacturing, logistics and digital infrastructure.
(IANS)
