India, Africa trade ministers to meet in Addis Ababa on Saturday

Friday, 20 May 2011 00:48 -     - {{hitsCtrl.values.hits}}

New Delhi (PTI) Ahead of India-Africa Summit to be attended by Prime Minister Manmohan Singh, 16 trade and industry ministers will meet in Addis Ababa on May 21 to discuss ways to step up mutual trade and investment.

“The outcome of the Trade Ministers’ Meet will feed into the Summit Declaration of the leaders,” a Commerce Ministry statement said.

Commerce and Industry Minister Anand Sharma, who will lead a CII business delegation to Ethiopia, will meet his counterparts from as many as 15 countries in Africa.

The Prime Minister, who leaves on May 23 for Addis Ababa, the seat of the African Union (AU), will attend the Second Africa-India Forum Summit to be attended by 15 African countries.

“The Trade Ministers are likely to exchange views on the ongoing multilateral trade negotiations in the Doha Round and how to safeguard the interests of the developing nations in multilateral cooperation,” an official statement said.

The ministers would also exchange views on the global economic situation and ways to enhance trade and investment relations between India and Africa, it said.

India is expected to offer technical assistance in the areas of dispute settlement in WTO.

Trade between India and Africa has crossed USD 46 billion last year and is expected to reach USD 70 billion by 2015.

Indian private sector entrepreneurs have invested over USD 25 billion in sectors like telecom, automobiles, IT, pharmaceuticals and agriculture in different African nations.

Sharma would also inaugurate an India Show, which will showcase India’s heritage and its achievements in the field of industrial development.

A business conclave will also be organised in which leading CEOs of India will take part and have an interaction with their counterparts from Africa.

The 15-member CII CEOs delegation includes Adi Godrej, Sunil Bharti Mittal, Sanjay Kirloskar and Atul Punj among others.