India, South Africa discuss early conclusion of trade pacts, deepen cooperation in critical minerals: Piyush Goyal
New Delhi, August 6
Union Commerce and Industry Minister Piyush Goyal held bilateral discussions with South Africa's Minister of Trade, Industry and Competition, Parks Tau to enhance economic ties.
Posting on his social media platform X on Thursday, Goyal noted that the meeting focused on deepening trade relations and identifying collaborative ventures in manufacturing, pharmaceuticals, and critical minerals.
The meeting was held on the sidelines of the BRICS Trade Ministers' Meeting, with both sides discussing the signing of the Terms of Reference (ToRs) for the India-Southern African Customs Union (SACU) Preferential Trade Agreement (PTA) and the early conclusion of negotiations.
"Met with Mr. Parks Tau, Minister of Trade, Industry and Competition of South Africa, on the sidelines of the #BRICS2026 Trade Ministers' Meeting. We discussed the signing of ToRs for India-SACU PTA and early conclusion of negotiations, strengthening the India-South Africa trade engagement and explored opportunities for cooperation in the critical minerals, pharmaceuticals & manufacturing sectors," Goyal said.
The meeting comes as India hosts the BRICS Trade Ministers' Meeting in Jaipur under its BRICS India 2026 Presidency. According to the Department of Commerce, the meeting brings together BRICS nations to strengthen trade and economic cooperation, foster innovation, build resilient value chains and promote sustainable industrial growth.
A previous brief by the Ministry of External Affairs mentioned that India and South Africa maintain a strategic partnership spanning trade, investment, defence, science and technology, education and cooperation through multilateral forums such as BRICS and IBSA.
The brief also noted that the SACU Secretariat in Namibia had shared the Terms of Reference with the Department of Commerce.
Thursday's meeting builds on those ongoing trade engagements, with both sides focusing on advancing the proposed preferential trade agreement (PTA) while identifying new areas of cooperation in critical minerals, pharmaceuticals and manufacturing.
The bilateral engagement also reflects India's continued efforts to strengthen trade and economic cooperation with BRICS partners under its presidency, with discussions at the Trade Ministers' Meeting centred on resilient value chains, innovation and sustainable industrial growth.
— ANI
Reader Comments
Critical minerals are the future! With the global shift towards electric vehicles and renewable energy, securing supply chains for lithium, cobalt, and rare earths is crucial. This strategic partnership with South Africa makes perfect sense for India's long-term energy security goals.
Hopefully this isn't just another talk-fest. We've seen so many agreements signed but implementation takes forever. Let's hope the PTA gets concluded quickly and actually benefits small and medium enterprises, not just big corporates.
As someone who works in mining, this is excellent news. India needs to diversify its critical mineral sources beyond Australia and Africa is the way to go. South Africa has vast reserves and the framework for cooperation in this area could be a game-changer for both nations.
Good to see BRICS delivering practical outcomes under India's presidency. The focus on resilient value chains is important, especially after the disruptions we all faced during the pandemic. Building strong ties with African nations should be a top priority for our trade diplomacy.
Interesting to see India's Africa push getting stronger. The pharmaceutical angle is particularly relevant - India has always been the pharmacy of the developing world, and strengthening ties with South Africa in this sector could help address healthcare challenges across the continent.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.