During the visit, President Ramaphosa and Prime Minister Modi will speak at the India-South Africa Business Summit (ISABS), which aims to develop trade relations between the two countries. The first ISABS took place on 30 April 2018 at the Sandton Convention Center in Johannesburg. Both Prime Minister Modi and President Ramaphosa identified skills development, health care and the digitization of governance as priority areas. On 6 June 2003, India and South Africa signed an agreement with Brazil, known as the Brasalia Declaration, which bases «South-South» cooperation on the premise of the three nations as regional powers of South Asia, Southern Africa and South America. The declaration called for broad tripartite cooperation in strategic, trade and cultural affairs, the development of a tripartite free trade agreement and a negotiating front with Western nations in the World Trade Organization (WTO), calling for reform of the UN Security Council and mutually supporting the search for lasting membership with veto rights. [10] [11] The IBSA Dialogue Forum was established to promote cooperation and consensus on trade, anti-poverty, intellectual property rights, social development, agriculture, climate change, culture, defence, education, energy, health, information society, science and technology, peaceful nuclear energy, tourism and transport. [10] [11] The fourth summit was held in Brasilia. The three nations have agreed to increase trilateral trade to $15 billion by 2010. [12] The three nations also developed military cooperation and conducted joint naval exercises in 2008. [12] Bilateral relations between the Republic of India and the Republic of South Africa have developed strongly since the end of apartheid in South Africa in 1994.

Since then, the two countries have developed close strategic, cultural and economic ties. Both are former British colonies and full-fledged Commonwealth Of Nations member states as Commonwealth republics. The growth in trade between the two countries is important. According to information available to the South African Ministry of Trade and Industry, South African exports to India amounted to $4.2 billion, or 4.7% of total exports. BRICS (Brazil, Russia, India, China and South Africa) – In 2010, the former well-known BRICS group became BRICS with the introduction of South Africa. The BRICS forum`s valuable contribution to the reform of the global financial and economic architecture is appreciated by both India and South Africa. At the sixth BRICS summit in Fortaleza in 2014, it was decided to create the New Development Bank (NDB), which aims to mobilize resources for development projects in the BRICS, emerging countries and developing countries. The leadership of the BRICS in the creation of alternative institutions such as the NDB is indeed remarkable. Although the NDB is not seen as a rival to the International Monetary Fund and the World Bank as an additional mechanism, the political message is clear. India and South Africa remain committed to working together to improve trade, investment and financial cooperation within the BRICS.

Bilateral trade has grown exponentially, from US$3 million in 1992-93 to $4 billion in 2005-06, and both governments have sought to expand bilateral trade to $12 billion by 2010. [2] [5] Gold lignures account for one third of India`s imports from South Africa, while India polishes and processes diamonds from South African mines. [6] South Africa participated in the signing of a free trade agreement with India and the Southern African Customs Union (SACU), which includes Botswana, Lesotho, Namibia and Swaziland, as well as South Africa. [7] India and South Africa shared their experiences and collective strength, as they see the world together.