S Africa, Brazil, India bosses urge end to trade barriers
Thursday, 18 October 2007
JOHANNESBURG, Oct 17 (AFP): Business leaders from Brazil, India and South Africa yesterday urged the governments of the emerging economic powerhouses to help accelerate already burgeoning levels of bilateral trade.
Speaking at a seminar on the eve of a joint summit hosted by South Africa, captains of industry who are accompanying their heads of state said business had boomed in recent years but there was potential for more.
Habil Khorakiwala, president of Federation of Indian Chambers of Commerce and Industry (FICCI), said trilateral trade levels had been growing by up to 50 per cent each year in the last five years.
"Now it's reaching around 10 billions dollars and we believe it is even possible to reach 25 billions dollars trade between the three countries," he said.
Khorakiwala, who is head of the Wockhardt group, one of India's leading healthcare companies, said governments could help by easing restrictions, such as on visas.
"For the last two years, (the) markets have become far more liberal than what it was before ... We have to continue this effort. We should be able to remove both trade barriers and non-trade barriers."
Jerry Vilakazi, chief executive officer of Business Unity South Africa, agreed trade ties were on the up but said the base was still very low in comparison to more traditional Western markets.
Speaking at a seminar on the eve of a joint summit hosted by South Africa, captains of industry who are accompanying their heads of state said business had boomed in recent years but there was potential for more.
Habil Khorakiwala, president of Federation of Indian Chambers of Commerce and Industry (FICCI), said trilateral trade levels had been growing by up to 50 per cent each year in the last five years.
"Now it's reaching around 10 billions dollars and we believe it is even possible to reach 25 billions dollars trade between the three countries," he said.
Khorakiwala, who is head of the Wockhardt group, one of India's leading healthcare companies, said governments could help by easing restrictions, such as on visas.
"For the last two years, (the) markets have become far more liberal than what it was before ... We have to continue this effort. We should be able to remove both trade barriers and non-trade barriers."
Jerry Vilakazi, chief executive officer of Business Unity South Africa, agreed trade ties were on the up but said the base was still very low in comparison to more traditional Western markets.