Aiming USD 200 Bn Trade With Africa, India Focus On Strategic Council Meetings With Kenya & Tanzania

ENA Global 2024-08-30 17:51:10 New Delhi, Aug 30 (KNN) India is gearing up for crucial joint trade council (JTC) meetings with Kenya and Tanzania, scheduled for September, as part of its ambitious plan to double trade with African nations to USD 200 billion by 2030. The Commerce and Industry Ministry is actively consulting with industry councils and other departments to address existing trade barriers and explore opportunities during these meetings. A key focus of the JTC discussions will be on overcoming tariffs and non-tariff barriers such as regulatory challenges and sanitary and phytosanitary (SPS) measures. According to sources, the Indian government aims to identify and address specific sectoral issues that hinder trade, in hopes of significantly boosting trade and investment with both countries. In recent developments, Indias bilateral trade with Tanzania surged to USD 7.9 billion in the 2023-24 fiscal year, marking a 22% increase from the previous year. This growth elevated Tanzania to become Indias second-largest trade partner in Africa. Indias exports to Tanzania include essential commodities such as petroleum products, industrial machinery, and pharmaceuticals. In return, Tanzania exports agricultural products like cashew nuts, soybeans, and gold to India. Similarly, trade with Kenya also saw significant activity, with exports from India totalling USD 3.35 billion and imports amounting to USD 176.34 million in the same period. Indias exports to Kenya mirror those to Tanzania, including pharmaceuticals, machinery, and petroleum products. Kenya's exports to India feature tea, coffee, and soda ash. Earlier this year, a delegation from India, led by officials from the Ministry of External Affairs and including representatives from the Ministry of Agriculture and Indian agricultural companies, visited Kenya to explore agribusiness opportunities. This visit underscores Indias commitment to deepening economic ties with African partners and leveraging the continents vast potential. The upcoming JTC meetings are expected to play a pivotal role in fostering stronger trade relations and addressing the challenges currently faced by Indian exporters in these key African markets. (KNN Bureau) 39113 https://knnindia.co.in/news/newsdetails/global/aiming-usd-200-bn-trade-with-africa-india-focus-on-strategic-council-meetings-with-kenya-tanzania 2024-08-30 17:51:10 knnindia.co.in Aiming USD 200 Bn Trade With Africa, India Focus On Strategic Council Meetings With Kenya & Tanzania