India among top five investors in Africa: External Affairs Minister.

• According to the External Affairs Minister Jaishankar, that India is among the top five countries that have invested in the African continent.
• While addressing the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnership, S. Jaishankar said that with cumulative investments at $73.9 billion from 1996-2021, India is among the top five investors in Africa.
• India’s bilateral trade with Africa has now reached $89.5 billion in 2021-22 compared with $56 billion the previous year.
• Notably, through the Duty-Free Tariff Preference (DFTP) Scheme that extends duty free access to 98.2 per cent of India’s total tariff lines, India has opened its market to African countries. So far 33 LDC African nations have been entitled to get benefits under this scheme.
• The African Continental Free Trade Area Agreement (AfCFTA) which was commenced in 2021 would be helpful to Indian companies to enhance and intensify the business footprint in Africa.

What is African Continental Free Trade Area (AfCFTA)?

• AfCFTA aims to create a single continental marketfor products and services, with free movement of people and capital, paving the way for the Continental Customs Union and the African Customs Union to be established faster.
• The preliminary work on the AfCFTA focuses on incremental tariff reductions,non-tariff barriers, supply networks, and dispute resolution.
• It creates the world’s largest free-trade zonesince the World Trade Organization was founded in
• AfCFTA will have a worldwide influence that is becoming increasingly reliant on African markets and commodities.
• It is headquartered in Accra, Ghana.