Dar es Salaam. India is preparing for Joint Trade Council (JTC) meetings with Tanzania and Kenya which are its top trading partners in Africa in its effort to double trade with Africa to $200 billion by 2030.
The Hindu Business Online reported on August 29, 2024 that the joint trade council meetings between India and Tanzania as well as with Kenya are scheduled for this month (September).
“The Commerce and Industry Ministry is consulting with industry councils and other ministries and departments for the JTC meetings with Kenya and Tanzania next month with a focus on existing barriers and opportunities.
An inter-ministerial consultation has been planned for the same. Africa is an important market as it holds a lot of potential and could help in its efforts to diversify,” The Hindu Business Online reported, quoting a person tracking the development.
It said in a note to the industry, the Indian government sought information on tariffs barriers as well as non-tariff barriers such as regulatory issues and sanitary and phytosanitary measures (SPS) measures.
“Both Tanzania and Kenya are promising markets and with some focused attention there is a possibility for trade and investment to grow manifold,” the source said as quoted by The Hindu Business Online.
Some of the general problems faced by Indian exporters in the two African countries include procedural obstacles leading to administrative and bureaucratic delays as well as standards and measures imposed for various sectors impeding imports, the source added.
“The government hopes to identify specific problems affecting different sectors so that solutions could be sought,” the report reads in part.
According to the report, India-Tanzania bilateral trade increased to $7.9 billion in 2023/24, posting a 22 percent growth over the previous year, which elevated Tanzania to the position of India’s second-largest trade partner in Africa, up from the third position last year, according to information obtained from the Indian High Commission in Dar es Salaam earlier this year.
India’s exports were valued at $4.6 billion during the fiscal, imports were at $3.3 billion.
India exports essential commodities such as petroleum products, industrial machinery, and tractors, which facilitate industrialisation and economic growth, the statement added. It also supplies life-saving pharmaceutical products at competitive prices.
“Indian motorcycles and automobiles are quite popular among Tanzanians,” the statement added.
Tanzania exports a variety of agriculture products to India including cashew nuts, pigeon peas, soybeans and avocado and also gold and coal.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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