Maritime pact between india & SA inked for trade enhancement
27 Mar '06
1 min read
South Africa and India inked an agreement last week to co-operate on maritime issues for increasing trade between the two countries.
The agreement will help speeden up process of shared growth as India is one of the top five manufacturing outsourcing destination whereas South Africa is 12th amongst sea trading nations of the world.
Jeff Radebe, SA Transport Minister, and T R Baalu, India's Shipping, Road Transport and Highways Minister, signed the agreement in Cape Town.
Annual trade between two countries is around R14.7 billion. Indian export to South Africa is valued at R7.02 billion a year and India's import stands at R7.05 billion.
Agreement for exchange of information to accelerate goods transport via sea and port and encouraging co-operation between merchant fleets has been finalized between the two countries. South Africa has seven ports compared with India's 12 major ports.
Upgrading of equipment and facilities at South African ports, rail and pipelines over next five years with an investment of R40 has already been planned.
Get Free Weekly Market Insights Newsletter
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
