From 2020 to 2021, trade between India and Africa reached a record $89.5 billion. The announcement was made by Indian Foreign Minister Subrahmanyam Jaishankar.

Trade between India and Africa has reached a new record of $89.5 billion compared to $56 billion in the previous year. According to Indian External Affairs Minister Subrahmanyam Jaishankar, "this level was achieved thanks in part to the system of duty-free tariff preferences.This level has been achieved partly because of India's Duty-Free Tariff Preference Scheme (DFTP) for least developed countries (LDCs), which has extended duty-free treatment to 98.2 per cent of India's total tariff lines. So far, 33 African countries have been allowed to enjoy the benefits of this scheme. The Indian chief diplomat also estimated that India is among the top five investors in Africa, with cumulative commitments of $ 73.9 billion between 1996 and 2021.