India-Africa trade target has been revised upwards to $100 billion by 2015.

Indian investments in Africa are now touching close to $50 billion.

A joint study group is examining the feasibility of India’s free trade agreement (FTA) with the Common Market for Eastern and Southern Africa (COMESA). India’s negotiations for a preferential trade agreement (PTA) with Southern African Customs Union are underway.

Addressing the trade ministers from Africa at the 9th CII-EXIM Bank Conclave on India-Africa Project Partnership here on Monday, the Indian Minister of Commerce and Industry and Textiles, Anand Sharma said that despite the gloomy global environment, where there has been a contraction of trade, and with India’s own trade contracting with major trading blocks, “we are upwardly revising the target to at least $ 100 billion by 2015 because I feel that that is achievable”.

He hoped and further said “we may end up achieving it by the end of 2014 if we continue working together I the same spirit in which we have been working.”
Sharma also informed the African Ministers that the Indian investments 'are now touching close to $ 50 billion in Africa'.

He said that India has taken a decision to open dialogue with the Common Market for Eastern and Southern Africa (COMESA) members - the largest economic group in Africa. “We have established a Joint Study Group for examining the feasibility of a Free Trade Agreement between India and COMESA,” he said.
He further said that the preferential trade agreement (PTA) negotiations with the Southern African Customs Union countries were also underway.

Sharma encouraged some countries from Africa to avail the facilities of the Duty Free Tariff Preference Scheme, announced by India for the Least Developed Countries (LDCs). The Scheme grants duty-free access on 85 per cent of tariff lines and preferential access on 9% of tariff lines, covering 92.5% of global exports of all LDCs. The average margin of preference under this Scheme is in the range of 50-60%.

“Of the 28 LDCs who have joined the Scheme, 21 countries are from Africa. We encourage other African LDCs to also avail of the Scheme,” he said.

Sharma also discussed the developments made by India-Africa Business Council (IABC), which was constituted during the India Africa Trade Ministers’ Meet held at Addis Ababa in May 2011. He expressed hope that the new economic partnership will present India and the countries of the African continent with substantial opportunities to increase trade and investment activities, enhance market access for goods and services and develop greater competitiveness by leveraging their respective strength.

Sharma approved the expansion of the Technical Assistance Program on cotton for Africa being coordinated by Department of Commerce to cover Mini-Mission III (development of Market yards) and Mini Mission IV (development of cotton ginning and pressing factories) to be implemented by Ministry of Textiles.

The African Ministers are here as part of the biggest ever 9th CII-EXIM Bank Conclave on India-Africa Project Partnership, with the participation of seven heads of state & heads of government, and over 80 senior ministers and parliamentarians from 45 African states and delegation of more than 900 delegates.