By IANS
New Delhi : India is set to enhance its economic engagement with Africa with the cabinet Thursday giving the green signal to the signing of a pact with the Southern African Customs Union (SACU).
“The union cabinet today gave its approval for signing of a MoU between India and SACU for exchange of tariff concessions on a select list of products,” Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters here after a cabinet meeting chaired by Prime Minister Manmohan Singh.
SACU, the oldest custom union of the world, comprises South Africa, Namibia, Botswana, Swaziland and Lesotho.
The MoU will spur the expansion of trade between the two sides and pave the way for negotiating a Preferential Trade Agreement (PTA) in conformity with the rules and principles of the World Trade Organisation (WTO).
The PTA will give a big boost to the two sides in crucial areas of manufacturing, agro-processing and services.