Brazil, Russia, India, China and South Africa examine path to enhanced co-operation between their states
On Tuesday, the summit heard that 54 of Africa’s 55 countries had signed up to AfCTFA as of January, the exception being Eritrea. Of these, 47 had ratified it, accepting its legal obligations to significantly reduce barriers to intra-African trade, which currently accounts for just 18 per cent of the continent’s overall trade.
The AfCTFA creates a single market for goods and services among its member states, and economists believe it could have a combined gross domestic product of approximately $3.4 trillion when it reaches fruition. “The Brics countries have an opportunity to contribute and participate in Africa’s growth story. That can be achieved through greater co-operation in areas such as infrastructure, agriculture, manufacturing, new energy and the digital economy,” he said.
Mr Modi’s suggestion for a space exploration consortium comes as India successfully landed a spacecraft and lunar rover on the moon for the first time.
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