India took significant steps to enhance its trade and investment relations with Africa during the 14th World Trade Organisation ministerial conference (WTO MC14) in Cameroon. Commerce and Industry Minister Piyush Goyal met ministers and ambassadors from African nations to discuss opportunities for expanding India’s investments across the continent. The discussions emphasized India’s long-standing civilizational and historical ties with Africa while exploring avenues to strengthen trade flows and bilateral economic cooperation.
On the sidelines of the WTO conference, Goyal also engaged with European Commissioner for Trade and Economic Security Maros Sefcovic. Their talks focused on key priorities under the MC14 agenda and reviewed progress on the proposed India-European Union Free Trade Agreement (India-EU FTA), which was announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen earlier this year in New Delhi. Both leaders also explored methods to deepen bilateral trade and economic partnerships further.
In addition, Goyal held discussions with Nigeria’s Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, concentrating on enhancing trade and investment opportunities between India and Nigeria. Similarly, a conversation with Brazil’s Minister of Foreign Affairs Mauro Vieira addressed strengthening bilateral trade relations and expanding the India-MERCOSUR Preferential Trade Agreement, highlighting India’s interest in diversifying its economic partnerships globally.
At the WTO, India stood firm on the contentious issue of the Investment Facilitation for Development (IFD) Agreement. Drawing inspiration from Mahatma Gandhi’s philosophy of truth and principle, Goyal asserted that incorporating the IFD Agreement into the WTO framework as an Annex 4 Agreement could undermine the organization’s foundational principles. India emphasized the importance of maintaining functional limits within the WTO while discussing legal safeguards and guardrails for plurilateral agreements before any formal integration.
Through these high-level engagements, India reinforced its commitment to expanding trade and investment relations with Africa, the European Union, and Latin America, while contributing to global trade reforms and ensuring the WTO remains a balanced platform for all member nations. These initiatives are poised to create millions of dollars in economic opportunities for India and its partners worldwide.
