Bilateral trade between India and South Africa has already crossed $14 billion last year and is expected to reach the $15 billion target this year itself, well ahead of the 2014 timeline, trade ministers of both countries said today.
Earlier in the day, India's minister of commerce, industry and textiles Anand Sharma and South African trade minister Rob Davies also took stock of the ongoing India-SA customs union negotiations on preferential trade agreement.
Both ministers noted the growing private investments on both sides. Indian companies had already invested over $8 billion in South Africa.
Anand Sharma, who was on a visit to South Africa on 21-22 September, also called on President Jacob Zuma.
The South African President, meanwhile, said South Africa would be hosting the BRICS summit next year.
India, on the other hand, is preparing to host the India, Brazil, South Africa (IBSA) summit in June next year, Sharma said. He also emphasised the need for early conclusion of the India-SACU preferential trade agreement as the complete IBSA-SACU-Mercosur trilateral.