India, South Africa to sign PTA by Oct

New Delhi, Aug 3 (UNI) India has made a strong pitch for the early finalisation of a Preferential Trade Agreement (PTA) with South Africa to give a fresh boost to bilateral economic ties.

During his interaction with South African Deputy President Phumzile Mlambo-Ngcuka on the margins of the India Calling Conference at Johannesburg yesterday, Minister of State for Commerce Ashwani Kumar called for early conclusion of the PTA. He also discussed it with Trade and Industry Minister Mandisi Mpahlwa and with Essop Pahad, Minister in the President's Office, an official statement said here today.

Mr Mphlwa assured Mr Kumar that the agreement will be concluded soon, possibly before the expected visit of Prime Minister Manmohan Singh to South Africa in October this year. Considering the target to treble Indo-South African trade by 2010 to USD 12 billion dollars, the PTA between the two countries would be a major step forward, the statement said.

Dr Pahad informed Mr Kumar that the India-South Africa CEOs Forum would meet in Mumbai on August 16, adding that the South African companies are looking to participate in the development of infrastructure in India.

The Indian Minister invited South African companies to invest in India and hoped that Indian companies would also have an opportunity to participate in the development of infrastructure for the FIFA World Cup to be held in South Africa in 2010.

Meanwhile, in his address at the India Calling Conference, Mr Kumar underlined the crucial role that India and South Africa would play in defining the new global order as they addressed the challenges of economic growth and social justice within the context of heterogeneous societies and pluralistic, multi-party democracies.

Describing India's ambitious plans to develop its infrastructure, he urged the South African captains of trade and industry to invest in India to become partners in its economic growth.

The India Calling Conference is being organised by the Mumbai-based Indian Merchants' Chamber (IMC) in partnership with Business Unity South Africa (BUSA), the nation's apex trade and industry body. The Conference, significantly, coincides with the centenary celebrations of the IMC.

UNI