India, Africa should target $200 bn trade in next 7 years: Piyush Goyal

There is a huge potential to increase economic cooperation between India and Africa as both regions can look at doubling two-way trade to USD 200 billion in the next seven years, Commerce and Industry Minister Piyush Goyal said on Wednesday.

Speaking at CII's India-Africa business conclave, Goyal said the main sectors where businesses of the two sides can collaborate include agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy.

"I would like to suggest six areas for collaboration and cooperation as a way forward to take this relationship to the next level," he said, adding, "can we look at doubling our trade. So far we have only a few African countries who trade with India".

He said as many as 33 countries do not participate in the duty free tariff preference (DFTP) scheme of India.

"Can we look at getting more and more countries to enjoy the fruits of this partnership and set a benchmark to double this trade number from USD 100 billion to US