The move revives trade talks between India and SACU group – comprising South Africa, Botswana, Namibia, Lesotho and Eswatini – after negotiations stalled following five rounds of talks held between 2002 and 2010.
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ET had earlier reported that the ToRs are set to be signed on Wednesday as the initial step sets the framework and scope of the negotiations for the proposed trade pact.
“We discussed the signing of 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,” Commerce Minister Piyush Goyal said in an August 6 post on X after meeting Parks Tau, Minister of Trade, Industry and Competition of South Africa.
Under a preferential trade agreement (PTA), two trading partners provide duty concessions to each other on goods to boost two-way commerce.