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Minister of Industry, Trade and Investment, Otunba Niyi AdebayoPHOTO: TwitterThe Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, yesterday, lamented that African countries have not realised their true potential in bilateral trade with India.
In his address at the 16th CII-EXIM Bank Conclave on India and Africa Project Partnership with the theme: “Harnessing the Africa-India Opportunity: Connect, Create, Collaborate”, the Minister said despite the fact that India is Africa’s third-largest trading partner, African countries predominantly export raw crude oil and other extractive resources to the Asian country. x
He said: “As you may be aware, India is now Africa’s third-largest trading partner. Yet the bilateral trade data and patterns suggest the true potentials have not yet been realised as African countries predominantly export raw crude oil and other extractive resources to India.
The AfCFTA agreement is brokered by the AU, and was signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018.
It is reputed to be the largest free-trade area in the world in terms of the number of participating countries since the formation of the World Trade Organisation.
The main objectives of the AfCFTA are to create a continental market for goods and services with free movement of people and capital and pave the way for creating a Customs Union.
It is expected to grow intra-African trade through better harmonisation and coordination of trade liberalisation across the continent.
Immediately after signing the agreement establishing the AfCFTA on July 7, 2019, President