SA concludes trade deal with UK in case of no-deal Brexit

Fri, 20 Sep 2019

SA concludes trade deal with UK in case of no-deal Brexit

News24
11 Sep 2019, 23:43 GMT+10

South Africa has concluded a new trade deal with the UK, which will kick in if Britain leaves the European Union without an trade agreement.

The UK is set to leave the EU on October 31, and no trade deal currently exists between the two. While UK Prime Minister Boris Johnson has vowed no not seek another extension, the UK Parliament has passed a law compelling him to seek a further delay if no departure deal has been concluded.

Minister of Trade and Industry, Ebrahim Patel, told reporters on Wednesday in Cape Town that SA and five other countries in the southern African region had clinched a deal that would give the African states a soft landing in case of a no-deal Brexit.

The other countries are Lesotho, eSwatini, Namibia, Botswana and Mozambique.

The new agreement will be know as the SACUM-UK Economic Partnership Agreement, said Patel. He said it would effectively "rollover and replicate the terms of trade" that govern the current trade agreement between South African and the European Union in terms of tariffs, quotas, rules of origin, and health and safety regulations.

The UK is one of SA's largest trading partners, with bilateral trade of about R140bn in 2018.

UK International Trade Secretary, Liz Truss, said in a statement: "This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers".

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Europe Sun.

More Information

International

Section

SEC shuts down fraud which sucked in $125 million from investors

WASHINGTON, DC - The United States Securities and Exchange Commission has filed an emergency action to obtain a temporary restraining ...

Fire that killed 3 girls 32 years ago being investigated as a homicide

CO KILDARE, Ireland - On the 32nd anniversary of a fire that destroyed a home on Kilcock, Co Kildare, and ...

World economic growth is 'fragile,' Lagarde says

World economic growth is "fragile" and "under threat," former International Monetary Fund director Christine Lagarde says, and is over-reliant on ...

Saudis claim sources close to Iranian regime responsible for attacks

RIYADH, Saudi Arabia - The government of Saudi Arabia says the attacks on its Saudi Aramco oil infrastructure on Saturday ...

Vietnam, Fastest-Growing Carbon Polluter

HO CHI MINH CITY - Carbon emissions are growing faster in Vietnam than any other country in the world, according ...

Rights Groups Urge Release of Journalists in Eritrea

In 2002, newspaper editor Aaron Berhane fled his home country of Eritrea for security reasons, after his paper criticized the ...

Business

Section

79,000 farmers in Ireland eligible for government payments

DUBLIN, Ireland - Payments worth 168.5 million euro have begun to be paid out this week under the 2019 Areas ...

Stocks in Asia make gains, pound continues rally

SYDNEY, Australia - Stocks were positive but moves were unremarkable on Asian stock exchanges on Friday.Japan's Nikkei 225 added 34.64 ...

Uncertainty of the trade war is slowing global growth, says former Fed

Uncertainty surrounding the U.S.-China trade war is hitting global growth, and that could be driving the slowdown more than the ...

Buyers and sellers sidelined on Wall Street Thursday

NEW YORK, New York - Wall Street saw buyers and sellers sidelined on Thursday, with little movement in shares in ...

San Francisco-based company opens new EMEA headquarters in Dublin

DUBLIN, Ireland - Nitro, a global company specialising in document productivity solutions, has opened a new EMEA headquarters in Dublin.Centrally ...

Stocks rise, dollar mixed on markets in Asia

SYDNEY, Australia - Stocks in the Asian region trader higher on Thursday, with gains across the board.The U.S. dollar softened ...

Movie Review

Steamboat Bill, Jr. [Blu-Ray]