NEW DELHI: In a bid to strengthen economic relations between the two continents, India has indicated an interest in establishing a free trade agreement (FTA) with Africa.

This was said by Piyush Goyal, minister of commerce and industry, during the meeting with fifteen ambassadors from various African nations on Thursday.

''India is open to Free Trade Agreement negotiations bilaterally or individually with African countries or Africa as a whole,'' he said. In order to increase trade, commerce, business, investment, and prospects with Africa, he said, India would operate as a dependable partner.

Such agreements allow for the significant reduction or elimination of customs charges on a maximum number of commodities exchanged between two or more trading partners. Besides, they ease norms for promoting trade in services and attract investments.

Algeria, Botswana, Egypt, Ghana, Republic of Guinea, Kenya, Malawi, Mozambique, Morocco, Rwanda, South Africa, Tanzania, Togo, Uganda, and Zimbabwe are among the 15 nations represented by the ambassadors.
The African continent presents great opportunities for Indian companies, with its accelerating  growing population, emerging middle class, and abundant natural resources.

Both regions can take use of each other's strengths and experience through increased trade and investment, promoting inclusive growth and job creation.

The two-way trade between the regions stood at more than  USD 90 billion.

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