A nine member delegation held the Joint Working Group on Trade and Investment meeting with the South African side in Pretoria, South Africa on 22nd – 23rd April, 2025. The discussions were held in a cordial and friendly atmosphere and were fruitful. There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts.

The JTC was co-chaired by Mr. Malose Letsoalo, Chief Director, Bilateral Trade Relations, The Department of Trade, Industry and Competition, Republic of South Africa; and Ms. Priya Nair, Economic Adviser Department of Commerce. Official delegation from India consisted of officials from High Commission of India in South Africa, Department for Promotion of Industry and Internal Trade (DPIIT) and Ministry of Agriculture and Farmers’ Welfare. The officials of both India and South Africa actively engaged in the proceedings of the India-South Africa JWGTI.

Both sides explored potential areas of collaboration such as Pharmaceuticals, Healthcare, Agriculture, MSME, Jewelry manufacturing among others. Major points for discussion in JWGTI included revival of CEO Forum, investment cooperation, Market access issues with regard to agricultural products, Recognition of Indian Pharmacopoeia, Local Currency Settlement System, Fast payment systems/Unified Payment Linkage system, Discussion on India-SACU PTA etc. to further expand trade and economic ties between both the countries.

In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.

South Africa is the largest trading partner of India in the Africa region. Bilateral trade between India and South Africa stood at USD 19.25 billion in 2023-24. Indian businesses have invested over US$ 1.3 billion in South Africa from April 2000 to September 2024. These investments traverse diverse sectors, encompassing pharmaceuticals, IT, automotive, banking, and mining.

The deliberations of the 2nd Session of India-South Africa Joint Working Group on Trade and Investment on 22nd April, 2025 were cordial and forward-looking, indicative of the amicable and special relations between the two countries.

Local currency settlement explored to enhance trade and payment links between India and South Africa for deeper investment cooperation. Delegation-level discussions reviewed India-South Africa trade and investment ties and identified cooperation areas to expand commerce and resolve pending issues. The meeting emphasized market access for agricultural products, investment cooperation, revival of the CEO Forum, and regulatory concerns including Recognition of Indian Pharmacopoeia. Financial linkage proposals-notably a Local Currency Settlement System and fast payment interoperability-were examined to facilitate cross border transactions and support sectoral collaboration in pharmaceuticals, healthcare, agriculture, MSME and jewellery manufacturing.