India, South Africa propose pact to push ties


New Delhi : South Africa is working on a framework pact with India to boost bilateral economic relations, the country’s Finance Minister Pravin Gordhan, who is here on a three-day visit, said Thursday.

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“We are looking at a framework where both India and South Africa will mutually benefit. This will include bilateral investment protocols,” Gordhan, who is of Indian origin, told reporters here.

“The framework will be in place soon,” he told reporters after a meeting with Commerce and Industry Minister Anand Sharma, who has himself been a major promoter of relations between the two countries.

According to the visiting minister, India and South Africa had much to share and also contribute to the global financial system as members of the G20 that has been trying to find ways to address global economic slowdown.

“India and South Africa are also working together at the World Trade Organisation,” said the minister, referring to the efforts to ensure the success of the ongoing global trade talks.

A former chief of South Africa’s tax authority, Gordhan was appointed finance minister last May in the hope that his experience will help the country come out of its biggest economic challenge in 17 years.

He is also in the national capital to participate in the Pravasi Bharatiya Divas, India’s annual conclave to connect with its 25-million-strong diaspora in 130 countries.