Random header image... Refresh for more!

Trade Agreements Of South Africa

As part of government policy, the South African government is seeking to further open its market in order to increase trade and develop more competitive domestic industries. However, in 2006, the South African government made exceptions to this approach to protect the labour-intensive apparel industry. During 2020, the South African authorities took emergency measures to limit all goods and people traffic as a result of the Covid 19 pandemic; These have been partially removed. During apartheid, South Africa`s foreign trade and investment were hit by sanctions and boycotts from other countries that were ideologically opposed to apartheid. In 1970, the UN Security Council adopted Resolution 282 imposing a voluntary arms embargo against South Africa, which was extended by subsequent resolutions 418 and 591, which declared the embargo mandatory. In 1978, in South Africa, loans were banned by the U.S. Export-Import Bank, followed in 1983 by a ban on IMF lending. In 1983, OPEC imposed an oil embargo, which was strengthened by Iran in 1979. Since the end of apartheid, foreign trade in South Africa has increased following the lifting of several sanctions and boycotts imposed to end apartheid. Below is a list of existing trade agreements signed by South Africa. Under the CDAA EPA, the EU has eliminated all or part of tariffs on 98.7% of imports from South Africa, while guaranteeing unrestricted access to other signatory countries.

Today, the EU is South Africa`s main trading and investment partner. Nearly 90% of South Africa`s exports to the rest of Africa go to SADC economies. In 2018, South Africa exported and imported $25 billion and $11.5 billion in goods to the rest of Africa. Intra-African exports account for 26% of total exports and 12% of South Africa`s total imports for 2018. South African exports to the rest of Africa are mainly value-added goods. With regard to South Africa`s overall trade (exports – imports) with the rest of the continent, Namibia (13%), Botswana (12%), Nigeria (12%) Mozambique (12%) Are South Africa`s main trading partners. [8] South Africa signed a major free trade agreement with the European Union in 1999.

Sharing is the Best Form of Caring
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Technorati
  • Mixx