Indian and South African ministers have agreed on the need for the early completion of their Custom Union and Preferential Trade Agreement (PTA) negotiations.

India's Minister for Commerce, Industry & Textiles, Shri Anand Sharma, and Rob Davies, the South African Minister of Trade and Industry, met in Johannesburg to review the ongoing talks. Both sides have instructed their officials to meet and thrash out their differences.

In particular, India is seeking an average Margin of Preference (the difference between preferential tariffs granted under a trade agreement and the tariff levels applied under normal conditions) in the PTA. The government's aim is that the two sides can finalize and exchange their respective responses to the tariff request lists, and thereby take the negotiations forward. Sharma requested Davies to take up the issue with the South African government.

The two sides have set a bilateral trade target of USD15bn for 2014. Trade levels stood at USD10.53bn in 2010, rising to USD13.65bn in 2011.

The ministers will meet again before before the next BRICS Trade Ministers’ Summit.

January 15, 2013

Source: Tax News

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