India says African Continental Free Trade Area will help strengthen trade ties.

 

India has welcomed the African Continental Free Trade Area (AfCFTA) which came into force this year and said it will help boost trade between India and Africa.

 

India's deputy permanent representative to UN, Nagaraj Naidu said, "African Continental Free Trade Area, which came to force this year, has made Africa the world's largest free trade area. India views this development as yet another opportunity to enhance trade and economic ties with Africa". 

 

The FTA has 1.2 billion consumers and a combined GDP of $3.4 trillion. The AfCFTA was signed in Kigali, Rwanda last year.

 

Naidu said, "India’s partnership with Africa is based on a model of cooperation which is responsive to the needs of African countries. It is demand-driven and free of conditionalities. It is based on our history of friendship, historical ties, and a sense of deep solidarity. African priorities are our priorities."

 

India has turned out as a major development partner of the continent and is executing 181 lines of credit worth $11 billion in 41 African countries. India is also providing 50,000 scholarships to African students.

 

The 4th India-Africa summit will take place in 2020.