He also said that the African Continental Free Trade Area (AfCFTA), valued at nearly USD 3.4 trillion, along with India’s rapidly expanding USD 4 trillion economy, presents immense opportunities to create resilient partnerships, diversify supply chains, and move beyond raw material trade towards higher-value manufacturing and integrated value chains.
The minister “emphasised the need to build upon existing trade ties and preferential trade frameworks by aligning standards, customs procedures and business practices to facilitate faster and smarter growth for businesses on both sides”, the Commerce Ministry said.
Addressing a curtain raiser event for the forthcoming India-Africa Business Dialogue (IABD) and Exhibition, Goyal said renewable energy, green hydrogen, green ammonia, electric mobility, digitalisation, and telecommunications are key sectors to boost cooperation.
Bilateral trade between India and Africa reached USD 93.69 billion in 2025-26, registering a 14.39 per cent growth over the preceding year.
India’s exports to Africa stood at USD 45.42 billion, while imports reached USD 48.27 billion during the same period.