PRETORIA, South Africa and Britain have recommitted to enhance trade after Britain leaves the European Union (EU) when South African Trade and Industry Minister Rob Davies and British Secretary of State for International Trade Dr Liam Fox met here Tuesday.
Both Ministers recommitted themselves to a seamless post-Brexit in terms of trade and technical work will be intensified to ensure that the interim arrangements will be finalised before the United Kingdom leaves the European Union in 2019, said the Department of Trade and Industry (dti) in a statement here Wednesday.
The meeting also committed to further developing mutually beneficial trade and investment relations. Britain remains a key investment partner for South Africa in terms of the total inward Foreign Direct Investment (FDI) flows received from the rest of the world.
Britain has invested in 333 FDI projects in South Africa, with direct capital investment estimated at about 159.01 billion Rand (about 11.93 billion US dollars) between 2003 and May this year.
The UK has been a significant trading partner of SA over the past years and ranks as South Africa's seventh largest export partner in the world and second largest export partner in the European Union region. There is a need to discuss an arrangement on technical issues in order to ensure smooth trade post Brexit, said Davies.
The two leaders' meeting was a continuation of the ongoing high level engagement between South Africa and Britain and follows the meeting between trade ministers of the Southern African Customs Union (SACU) with Britain in July, when the parties agreed that their trade relations should not be disrupted by the Brexit process.
UK Export Finance (UKEF) -- Britain's export credit agency -- has made additional funds available for British companies exporting to South Africa and for South African buyers of British goods and services to bolster trade between the two countries after Brexit.
Source: NAM NEWS NETWORK