What happened: India and SACU agree terms of reference for a preferential trade agreement
India and the five-member Southern African Customs Union (SACU)—South Africa, Botswana, Namibia, Lesotho, and Eswatini—agreed terms of reference to begin talks on a preferential trade agreement.
The stated aim of the preferential trade agreement talks is to reduce tariffs on Indian exports, including cars, pharmaceuticals, and industrial machinery.
Commerce Minister Piyush Goyal expressed confidence that a fair, equitable, and balanced preferential trade agreement would benefit both sides.
Background and earlier position: SACU–India negotiations stalled after 2002–2010 rounds
Earlier SACU–India trade negotiations had stalled after rounds held during 2002–2010. Agreement on terms of reference is a step that sets the negotiation framework before discussing tariff concessions in detail.
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