The visiting South African Minister of International Relations and Cooperation, Maite Nkoana-Mashabane urged for early finalisation of India-SACU preferential trade agreement when she met the Indian Minister of External Affairs, SM Krishna on Tuesday.

SACU consists of five countries namely, South Africa, Botswana, Lesotho, Swaziland and Nambia and is the oldest existing customs union in the world.

Nkoana-Mashabane is here for the 7th Trilateral Commission Meeting of India-Brazil-South Africa (IBSA) Dialogue Forum.

India-South Africa bilateral trade is likely to touch the target of $10 billion in 2010-11 itself. This target of bilateral trade was set for the year 2012 when the South African President, Jacob Zuma was on a visit to India in June 2010.

Both sides the two sides discussed a wide range of subjects of bilateral interest covering political, economic cooperation, trade and investment, infrastructure, mineral resources, agriculture, Information and communication technology, cultural relations, security cooperation and visa and consular matters at the 8th session of India-South Africa Joint Ministerial Commission.

Discussions were held at the level of seven different Sub-Committees in the areas of (i) Political, Defence and Security Matters, (ii) Trade, Economic and Technical Co-operation, (iii) Communications & Information Technology, (iv) Minerals and Energy, (v) Arts, Culture, Sport and Recreation, (vi) Human Resource Development, and (vii) Consular and Immigration Matters. Both sides reviewed the implementation of the existing MOUs and agreements and the functioning of the Joint working Groups under them and new areas of cooperation. There was satisfaction at the depth and diversity established in the India-South African relationship, the joint statement said.

The two sides reaffirmed their intent to cooperate at regional and multilateral fora including UN, G-77, G-20, IOR-ARC, IBSA and BRIC. India welcomed South Africa into BRIC group of nations, to which it has been recently admitted. South Africa also welcomed Indian Chairmanship of IOR-ARC and looked forward to work with India at IOR-ARC. Both India and South Africa have joined the United Nations Security Council as a non-permanent member for the period 2011-12 and would work together in the Council to hasten the process of reform of the United Nations including reform of the Security Council.

The South African side assured India of its active support at the Second India-Africa Forum Summit to be held in Addis Ababa in May this year. They said that it was one of the most important partnerships in Africa and manifests India’s long engagement with Africa.