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| South Africa Plugs Tripartite FTA |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, August 26, 2011
In the opinion of South Africa’s Deputy Minister of Trade and Industry,
Elizabeth Thabethe, the recent agreement to launch talks to establish a tripartite
free trade agreement (FTA) between the Common Market for Eastern and Southern
Africa, the East African Community and the Southern African Development Community
has made it more urgent to promote intra-African trade.
In a speech to the recent South Africa-Ghana Business Forum, held in Cape Town,
Thabethe stated that, as the tripartite FTA centres on creating Africa's
biggest free trade bloc, intra-African
trade should be at the top of the economic agenda.
It has been said that a combined FTA would create a larger regional market
of 26 countries with a combined gross domestic product of over USD830bn and
530m people. However, according to the African Development Bank, trade between
African countries still remains low, making up just 10% of the continent's total
trade, compared with North America where intra-continental trade makes up 40%
or Western Europe where such trade makes up 60%.
“Strengthening trade and investment links with the continent is a key
policy priority of the (South African) government, both to benefit our economy
and more importantly those of our partners on the continent. Most African countries
are endowed with tremendous natural resources and thus have the potential to
develop into modern industrialized states that can compete on the world stage,”
she added.
During the Forum, businesses from the two countries were encouraged to take
advantage of trade and investment opportunities. In that respect, the South
African Department of Trade and Industry, through Trade and Investment South
Africa, signed a memorandum of understanding on investment and trade with the
Ghanaian Investment Authority.
It was reported that bilateral trade between the two countries has been growing
steadily over the past few years, with the latest available annual trade statistics
for 2010 indicating South African exports to Ghana of just over ZAR2.5bn (USD345m)
and imports from Ghana of more than ZAR84m.
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