India and Africa aim to double trade to USD 200 billion in seven years

Commerce and Industry Minister Piyush Goyal highlighted the vast potential for economic cooperation between India and Africa, proposing to double two-way trade to USD 200 billion in the next seven years. Speaking at CII’s India-Africa business conclave, Goyal identified key sectors for collaboration, including agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy.

Goyal emphasized the need to engage more African countries in India’s duty-free tariff preference (DFTP) scheme, noting that currently, only a few participate. By expanding this participation, both regions can benefit from increased trade, aiming to grow from USD 100 billion to USD 200 billion. 

With Africa being rich in critical minerals such as cobalt, copper, lithium, nickel, and rare earths, Goyal stressed the complementarity between Africa’s resources and India’s growing demand, particularly for the electric vehicle (EV) sector. He suggested joint ventures in sustainable mining practices and value addition for minerals.