India, Namibia agree on speedy inking of PTA with SACU

India and Namibia have agreed to finalise early a preferential trade agreement (PTA) between India and the Southern African Customs Union (SACU) aimed at reducing tariffs on traded items.

The matter was discussed between Commerce Minister Anand Sharma and his Namibian counterpart Carl H.G. Schlettwein during Sharma's official visit to Namibia earlier this week, a commerce ministry statement here Thursday said.

"Both sides agreed that there was need to come to an early conclusion. This was necessary so that the India-SACU-MERCOSUR trilateral could be concluded," the statement said.

Besides South Africa, SACU - the world's oldest customs union established in 1910 - comprises Botswana, Lesotho, Namibia and Swaziland.

India has also offered to provide Buyer's Credit of $100 million to Namibia for taking up infrastructure projects.

"This will be in addition to the $100 million Line of Credit which India had offered during the state visit of the President of Namibia to India in 2009," it said.

The Buyer's Credit scheme of Exim Bank facilitates Indian exports through extending credit to overseas buyers for financing imports from India.

Both sides further agreed to speed up the process of setting up an ICT training institute and an Entrepreneurship Development Centre in Namibia.

Sharma offered Namibian Prime Minister Hage Geingob to set up an SME skill centre, for which India's National Small Industries Corporation (NSIC) will be the designated agency.

"Sharma offered to organise a dedicated course for 60 participants at the Centre for WTO Studies in the Indian Institute of Foreign Trade. Geingob renewed the offer for supply of Uranium to India," the statement added.

India-Namibia trade has grown to $233.62 million in 2013 from $65.03 million in 2012.