India, S Africa set goal of 12 bn dlr bilateral trade by 2010

Pretoria, Oct 2 (UNI) India and South Africa today set a target of 12 billion dollar bilateral trade by 2010 and decided to intensify cooperation in untapped sectors like energy, information technology and infrastructure to acheive this ambitious goal.

''It should be possible at least to treble the volume of bilateral trade,which stood at four billion dollar in the last fiscal year, by 2010,'' the 'Tshwane Declaration,' signed by Prime Minister Manmohan Singh and South African President Thabo Mbeki, said here.

The economies of the two countries have certain comparative advantages, complementarties and resources which could be exploited to the mutual benefit through trade, investment and transfer of technology, it said.

The two countries noted with satisfaction the progress that had taken place in these areas in the past few years resulting in doubling of bilateral trade since 2003 and a significant increase in investment in both directions.

The declaration, however, acknowledged that the full potential of the excellent relations was yet to be tapped and reaffirmed their determination to explore these oppertunities to their optimal extent.

It was also agreed to fully implement agreements signed in the fields of hydrocarbons, power and electricity.

Further, Indian and South African companies providing health services, including diagonistics and medical care, would work jointly to provide affordable healthcare to the nationals of both countries.

In addressing wider areas, the two countries agreed that every effort would be made to conclude the India-South African Customs Union (SACU) Preferential Trade Agreement as soon as possible, as it would provide a significant incentive to the business communities to explore mutually beneficial commercial opportunities and contribute to growth in bilateral trade.

On WTO, the two countries expressed regret that the Doha Development Agenda negotiations, which had pitted the interests of corporate agriculture and large industrial enterprises of the developed countries to those of small and vulnerable producers that predominate in developing nations, had been suspended.

UNI SMA/RB VD GC1834