Deputy Minister of Trade and Industry, Michael Okyere Baafi, highlighted numerous prospects for India across various sectors such as pharmaceuticals, automotive manufacturing, vehicle components, and garment and textiles.
Pointing out Africa’s vast market size of 1.2 billion people and an estimated GDP of US$3.4 trillion, he emphasized the importance for India to engage in investment opportunities within the continent, particularly under the African Continental Free Trade Area framework.
Okyere Baafi made these remarks during the 4th Session of the India-Ghana Joint Trade Committee convened in Accra on Thursday, May 2, 2024.
“These are areas that we want to have a very deep corporation and with the coming into force of the African Continental Free Trade Area I know you know, that for the first time, Africans have decided to do business among ourselves, this customs union have become the biggest in the whole world. Even bigger than the ACP now,” he stated.
Okyere Baafi further said, “The African market is becoming a market that nobody in the world can underestimate. Now, the African market has become like a virgin lady that everybody is running after so we want India, our best friend to be a beneficiary of this good news that is happening to Africa.”
Echoing similar sentiments, Amardeep Singh Bhatia, Co-Chair of the Joint Trade Committee, emphasized the significance of partnerships in fostering investments.
“Some areas we are looking at is greater partnership in the pharmaceutical industry, ICT, digital public infrastructure…We are also looking at more cooperation in agriculture…” he said.
Regarding the African Continental Free Trade Area, Amardeep Singh Bhatia expressed India’s optimism and eagerness to engage with authorities regarding trade relations.
“We would like to understand more about what AfCFTA is looking forward to in terms of cooperation and trade ties with India. We are very positive about it. India is the 5th largest country in the world and AfCFTA is the largest economic giant in the world with great future potential,” he added.
The AfCFTA, a cornerstone of Agenda 2063, stands as an ambitious trade agreement with a wide-ranging scope encompassing vital aspects of Africa’s economy, including digital trade and investment protection.
By dismantling trade barriers across Africa, the free trade pact aims to significantly enhance intra-Africa trade, particularly in value-added production and across all sectors of the continent’s economy.
Effective since January 2021, the AfCFTA represents the world’s largest free trade area, spanning 55 African nations with a collective population of 1.3 billion and a combined GDP surpassing $3.4 trillion.
Furthermore, the pact endeavors to fortify African economies, fostering resilience to withstand internal and external shocks.