India approves framework agreement with SACU

New Delhi, July 27 (UNI) The Union Cabinet tonight gave its approval to enter into a framework agreement with the South African Customs Union (SACU).

It aims at promoting expansion of trade and providing a mechanism to negotiate and to conclude a comprehensive Free Trade Agreement within a reasonable time and in the interim, conlude a limited scope agreement providing for exchange of tariff concession on select list of products to both sides and to provide for constitution of a negotiating committee to achieve this goal, Information and Broadcasting minister Priya Ranjan Dasmunsi told mediapersons here.

He said the cabinet decision would promote trade and economic cooperation between India and the members of SACU - Botswana, Lesotho, Namibia, South Africa, Swaziland - and to provide greater market access to India in SACU region.

India's major items of exports to SACU are cereals, primary and semi-finished iron and steel, transport equipment, machinery and instruments, drugs, pharmaceuticals and fine chemicals, articles of apparel and clothing accessories, natural or cultured pearls, precious or semiprecious stones and gem and jewellery The major imports into India from SACU are gold, inorganic chemicals, iron and steel , metalifers ores and metal scrap, pulp and waste paper and organic chemicals.

UNI SH RP PM2243