Cyril Ramaphosa
Source: Africa Publicity
South African President Cyril Ramaphosa has announced that South Africa is focusing on strengthening trade opportunities within Africa amidst the escalating global trade war.
In a bid to safeguard national interests, the government is prioritizing relationships with countries and regions that offer preferential trade terms.
Key Trade Initiatives
– African Continental Free Trade Area (AfCFTA): The government is working to effectively utilize the AfCFTA, which has the potential to transform African economies and businesses. A shipment of “Made in SA” goods, including consumer goods, electrical and pharmaceutical products, and fresh produce, was recently sent to other African markets under this agreement.
– Southern African Customs Union (SACU) and SADC Free Trade Area: These regional trade agreements are expected to play a crucial role in deepening trade ties between member states.
– Global Trade Advocacy: South Africa will continue to push for a level playing field in global trade, supporting reforms within the World Trade Organisation (WTO) that address deficiencies affecting developing economies.
Boosting Intra-African Trade
Intra-African trade has been growing, but remains relatively low at 16% of Africa’s total exports, compared to 55% in Asia and 63% in the European Union. The AfCFTA aims to change this by creating the world’s largest free trade area by number of countries, with a potential 1.7 billion-strong consumer base.
By strengthening trade ties within the continent, South Africa is positioning itself for growth and development, despite uncertainty surrounding future trade relations with major economies like the United States.
Have a press release, feature, article for publication? Send it to us via Whatsapp on +233543452542.
