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Union Commerce and Industry Minister Piyush Goyal on Thursday said India and South Africa discussed ways to enhance cooperation in critical minerals, pharmaceuticals and manufacturing sectors during the ‘BRICS 2026 Trade Ministers’ Meeting’ held in Jaipur.

At the meeting, the two countries also discussed advancing the proposed India-Southern African Customs Union (SACU) Preferential Trade Agreement (PTA). Both sides emphasized the need to sign the Terms of Reference (TOR) and finalize negotiations for this agreement as soon as possible.

On the sidelines of the meeting, Piyush Goyal met with Parks Tau, South Africa’s Minister of Trade, Industry and Competition, and discussed ways to further strengthen trade and economic ties between the two countries.

“We discussed signing of the Terms of Reference for the India-SACU Preferential Trade Agreement, early conclusion of negotiations, strengthening India-South Africa trade relations and opportunities for cooperation in critical minerals, pharmaceuticals and manufacturing sectors,” Piyush Goyal said in a post on social media platform X.

India is currently focusing on developing secure and robust supply chains for clean energy technologies, advanced manufacturing, and critical minerals needed for strategic industries. In this regard, expanding cooperation with South Africa is considered crucial.

At the BRICS 2026 Trade Ministers’ Meeting chaired by India, member countries discussed strengthening trade and economic cooperation, promoting innovation, developing strong value chains and encouraging sustainable industrial development.

Union Minister Piyush Goyal said that both the countries also considered measures to conclude the trade negotiations soon, so that the economic partnership between India and South Africa can be given a new impetus.

Meanwhile, according to data from the India Africa Entrepreneurship Forum (IAEF), trade between India and Africa is projected to grow from $7 billion in 2001 to over $98 billion in 2023. India’s total investment in the African continent has reached over $75 billion.

This investment is primarily concentrated in the telecommunications, pharmaceuticals, infrastructure, and agriculture sectors. According to the IAEF, the combined economic potential of India and Africa is approximately $7 trillion.

The Forum believes that there is immense potential for cooperation and investment between India and African countries in sectors such as healthcare, Artificial Intelligence (AI), FinTech, climate technology, manufacturing, logistics and digital infrastructure.