Strengthening bilateral ties: India-Africa Forum Summit 2015

Highlights

• India’s major imports from Africa are resources and minerals, including crude oil, coal, gemstones and gold.
• African countries are a big market for Indian-made pharmaceuticals, motor vehicles and processed petroleum products, with trade growing quickly.
• Indian Prime Minister Narendra Modi speaking out for a change to the Security Council to better reflect today’s geopolitical realities and marshaling support for India’s place on the council as a permanent member.
• Zimbabwe President Robert Mugabe joined India in strongly pitching for UN reforms.
• The summit also focused heavily on terrorism and defense.
• India promised $10 billion in new credit over the next five years for development related and capacity building projects in addition to the ongoing LoC supported projects in that continent and $600 million in grant aid to African countries.
• Prime Minister Modi said a spurt in Africa’s agriculture sector can drive the continent’s march to prosperity and also support global food security.
• “India has committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa Summit in 2008,” Modi informed African delegations.
• India and Africa agreed to work closely together within the framework of the Tripartite Free Trade Agreement for the expansion of trade and investment linkages and extend the framework to other regional economic communities.
• They would fast-track implementation of the Duty Free Tariff Preference scheme offered by India since this would play “a significant role” in increasing trade between the two regions, the Declaration said.
• According to the India-Africa Framework for Strategic Cooperation, the two sides would explore possible joint investments to establish a robust fibre optic infrastructure in Africa.
• South African International Relations and Cooperation Minister Maite Nkoana Mashabane said South Africa wanted to enhance economic partnership with India in a way that was mutually beneficial for both the countries.
• The bilateral trade between India and South Africa currently stands at US$15 billion and both the countries are trying to take it beyond US$20 billion by 2018.
• At bilateral meetings with Prime Minister Narendra Modi, many African leaders sought India’s help to counter terrorism and anti-piracy operations, apart from defence cooperation.
• The CCIT is a treaty proposed by India which is deadlocked at the United Nations for close to two decades and it aims to criminalise all forms of international terrorism and deny terrorists, their financiers and supporters access to funds, arms and safe havens.
• President Muhammadu Buhari has reiterated his commitment to recover Nigeria’s stolen funds and curb corruption in the country during his speech at the third India-Africa Forum Summit.
• Nigeria is Africa’s biggest crude oil producer and oil production makes up more than 70% of the government’s revenue.

Source: EconomicTimes, InternationalBusinessTimes