India and South Africa expand cooperation in critical minerals, pharmaceuticals and manufacturing: Union Minister of Commerce and Industry Mr. Piyush Goyal
- IBEF
- August 7, 2026
India and South Africa have agreed to strengthen bilateral cooperation in critical minerals, pharmaceuticals and manufacturing during a meeting between Union Minister of Commerce and Industry Mr. Piyush Goyal and South Africa's Minister of Trade, Industry and Competition Mr. Parks Tau on the sidelines of the BRICS 2026 Trade Ministers' Meeting in Jaipur. The discussions reviewed progress on the proposed India–Southern African Customs Union (SACU) Preferential Trade Agreement (PTA), with both sides emphasising the early signing of the Terms of Reference (ToRs) and expediting negotiations. The engagement aims to deepen bilateral trade and investment while strengthening resilient supply chains for critical minerals, clean energy technologies, advanced manufacturing and other strategic sectors.
India is hosting the BRICS 2026 Trade Ministers' Meeting under its BRICS Presidency to promote trade, innovation, resilient value chains and sustainable industrial growth among member countries. According to the India Africa Entrepreneurship Forum (IAEF), bilateral trade between India and Africa has increased from Rs. 32,900 crore (US$ 7 billion) in 2001 to over Rs. 8.09 lakh crore (US$ 98 billion) in 2023, while cumulative Indian investments in the continent have exceeded Rs. 7.20 lakh crore (US$ 75 billion), primarily in telecommunications, pharmaceuticals, infrastructure and agriculture. The partnership is expected to unlock new opportunities across healthcare, artificial intelligence, fintech, climate technologies, manufacturing, logistics and digital infrastructure, further strengthening India–Africa economic cooperation and long-term growth.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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