The announcement immediately drew criticism from the US government, which previously threatened to exclude South Africa from a preferential trade agreement after a disagreement over the levies in 2015.
The country’s tariff income is at risk under the deal, which requires African member countries to lower or cut tariffs.
South Africa will in May hold an extraordinary summit of the African Union to finalise a continental free trade agreement.
The SACUM-UK EPA effectively retains the terms of trade present in the existing SADC-EU EPA.
The agreement will have positive spin-offs for the SA beef industry, said one of South Africa’s leading beef producers.
Les deux parties ont échangé des solutions pour augmenter la valeur d’échanges commerciaux bilatéraux dans les temps à venir dont la diversification des produits à l’export, la possibilité pour élaborer un accord de libre-échange bilatéral.
Africa is moving towards a more integrated, rules-based trade regime, but this is unlikely to transform the continent’s economic prospects
In 2018, SA and other African nations signed the CFTA agreement, which aims to create a single continental market for goods and services
Substantial progress has made to conclude a Roll-Over Economic Partnership Agreement between SACU, Mozambique and the UK.
The SA government has been working in the background to ensure that trade arrangements with the UK and EU are uninterrupted while the UK exits from the EU.
SA’s negotiations with the UK to ensure that a trade agreement is in place in the event that it exits the EU without a deal is 99% complete, trade and industry director-general Lionel October said.
The US-Africa Strategy seeks to re-position the US and bring it to par with China and Russia.
The Southern African Customs Union is close to finalising a deal with the UK to replicate the existing economic partnership agreement which the customs union has with the EU, says South African trade and industry minister.
The deposit of the instrument means that South Africa has formally and legally committed to the TFTA.
South Africa has ratified the Tripartite Free Trade Agreement, becoming the fourth country to do so after Egypt, Uganda and Kenya. 10 more ratifications are now needed for the Agreement to enter into force.
European chicken producers are miffed by South Africa’s decision to impose import duties on their exports, which goes against the spirit of the EPA [economic partnership agreement].
Despite challenges, the experiences of South Africa and Brazil demonstrate that there is room for genuine reimagination of the investment regime, where the interests of investors are matched with the development concerns of host countries.
Nigeria’s President Muhammadu Buhari said the country will sign up soon to a $3 trillion African free-trade agreement.
South Africa will sign the African Continental Free Trade Area (AfCTFA) agreement, Trade and Industry Minister Rob Davies confirmed.
The TFTA seeks to establish an enlarged market involving 27 member countries from the Common Market for Eastern and Southern Africa, the East African Community and Southern African Development Community.