FICCI calls for comprehensive India-Africa trade framework
India and Africa are encouraged to develop a comprehensive trade arrangement to enhance economic cooperation. Ficci emphasizes the importance of a predictable framework to address trade barriers and promote investment. With the upcoming visit of Commerce Minister Piyush Goyal to Egypt, both regions aim to strengthen ties. Egypt's strategic location provides opportunities for Indian companies in…
New Delhi: India and Africa should consider expanding their economic partnership into a broader framework, according to the Federation of Indian Chambers of Commerce & Industry (FICCI). The organization's Secretary General, Anant Swarup, argued that a more structured and predictable trade arrangement could further stimulate trade, investment, and cooperation between the two regions.
Currently, bilateral trade stands at USD 93.6 billion in 2025-26, marking a significant scale for the relationship. Swarup spoke to PTI, emphasizing the need for a comprehensive trade arrangement that capitalizes on their existing economic complementarities, expands market access, encourages investments, and bolsters regional and bilateral value chains.
Such an approach could also help navigate emerging trade barriers, enhance policy predictability, and generate fresh opportunities for businesses on both sides. The remarks come as Commerce and Industry Minister Piyush Goyal embarks on a two-day visit to Egypt, beginning November 15, accompanied by a business delegation, including members from FICCI.
The aim is to explore avenues to boost trade and investments between India and Egypt. Egypt is predicted to become Africa's second-largest economy by nominal GDP, after South Africa, by 2026, with a projected nominal GDP of USD 443 billion. Goyal's visit is expected to inject fresh momentum into economic ties between India and Egypt, following Prime Minister Narendra Modi's visit to Egypt in 2023.
Indian industry perceives Egypt as both a significant destination market and a potential strategic platform for expanding engagement with wider regional and global markets. Egypt's strategic position, connecting Africa, the Arab region, and Europe, offers advantages for businesses aiming to bolster their international presence. The country's proximity to major international shipping routes, including the Suez Canal, coupled with its developing port and logistics infrastructure, provides a solid foundation for manufacturing, supply-chain integration, and trade facilitation.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
