New Delhi, Oct 28 (KNN) India has offered the Duty Free Tariff Preferences (DFTP) scheme for least developed countries (LDCs) which provides duty free market access on over 95 per cent of tariff lines, Union Commerce Minister, Nirmala Sitharaman said, calling upon the African Nations to leverage those DFTPs.

Speaking at a seminar on Focus Africa organised by the EXIM Bank of India here on Tuesday, she said that not many countries have offered such overarching reduction in tariffs for LDCs, including those in Africa, according to an official release.

She advised the financial institutions and think-tanks in Africa and India to popularise the advantages of DFTP, among Indian and African businesses. Indian business could look at Africa for their investments and in-turn Africa could look at India for their market using the DFTP. 

According to the Commerce Minister, the Government of India has been encouraging services cooperation with the African Nations.  “Africa has the potential for development of Tourism, Healthcare, Hospitality and ICT sectors. The Government of India supported Pan-Africa E-Network has contributed significantly to the Africa’s skill development and healthcare delivery,” she said.

She also said that the Government is looking at the feasibility of providing cost-effective credit facilities to build capacities in other developing nations, particularly in Africa.   

During the daylong seminar, business and financial institutions deliberated on the potential for business cooperation between India and Africa. (KNN Bureau)