CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Africa Plugs Tripartite FTA

South Africa Plugs Tripartite FTA

by Lorys Charalambous,, Cyprus

26 August 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.

TAGS: South Africa | tax | free trade agreement (FTA) | Djibouti | Eritrea | Mauritius | Swaziland | Zimbabwe | law | Angola | Comoros | Ethiopia | Lesotho | Libya | Madagascar | Malawi | Mozambique | Sudan | agreements | Botswana | Congo, Democratic Republic of the | Egypt | Kenya | Namibia | Rwanda | Uganda | Zambia | trade | Burundi | Ghana | Seychelles | Tanzania | Africa

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »