{"id":75866,"date":"2024-11-02T12:56:00","date_gmt":"2024-11-02T12:56:00","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-looks-to-africa-and-china-ties-as-global-trade-fences-go-up"},"modified":"2024-11-02T12:56:00","modified_gmt":"2024-11-02T12:56:00","slug":"south-africa-looks-to-africa-and-china-ties-as-global-trade-fences-go-up","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-looks-to-africa-and-china-ties-as-global-trade-fences-go-up","title":{"rendered":"South Africa looks to Africa and China ties as global trade fences go up"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Trade, industry and competition minister Parks Tau says South Africa is pursuing more robust trade and investment ties in the continent and with China – its biggest trade partner – as the global trade environment becomes increasingly fraught.<\/p>\n

Tau said while he has had extensive and positive engagements with leaders in the US, and collaborative relationships with Europe, South Africa is keen to develop more trade in Africa.<\/p>\n

Trade globally was becoming increasingly complicated as the US and China impose tariffs on each other, while Europe has added carbon import taxes.<\/p>\n

\u201cThere’s almost an undeclared trade war,\u201d he told Reuters after attending the FT Africa summit in London. \u201cIt has a direct impact on us.\u201d<\/p>\n

Concerns have risen among global finance leaders that if Donald Trump were to win next week’s US presidential election it could mark the start of a fresh tit-for-tat global trade war.<\/p>\n

Trump has vowed to slap a 10% tariff on imports from all countries and 60% duties on imports from China, which would hit supply chains throughout the world.<\/p>\n

Tau said more countries are acting unilaterally on trade measures, making it imperative that African nations take advantage of the African Continental Free Trade Area (AfCFTA) to boost their integration – and power on the global stage.<\/p>\n

\u201cIt’s rather a way of leveraging our collective strength. We think there is great opportunity with the free trade area, Africa will grow,\u201d he said.<\/p>\n

The AfCFTA, which entered into force in 2019, aims to bring together 1.3-billion people in a $3.4-trillion (R59.98-trillion) economic bloc.<\/p>\n

Tau cited a need to leverage the continent’s critical minerals capacity and work together to not just export raw materials but also create more value at home.<\/p>\n

He also cited South Africa’s ability to export more white goods, steel and mining sector equipment to other African countries, as well as its services and business processes.<\/p>\n

\u201cMany of those mines will complement one another,\u201d he said.<\/p>\n

He declined to specify which minerals could be processed in the continent and said ministers are meeting next week to formulate specific strategies.<\/p>\n

Tau also said they are looking to boost exports to China – namely of beef and manufactured goods – and more Chinese investment in South Africa’s automotive industry is also possible. A delegation from China would visit South Africa next week.<\/p>\n

He also said the government is working on proposals to help foreign-owned companies comply with black empowerment laws.<\/p>\n

While a bid from Elon Musk’s Starlink to operate in the country is with regulators, he said, the government recognised that rules requiring a 30% equity ownership by historically disadvantaged groups was challenging to a variety of foreign investors and they are considering proposals to tweak it.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Trade, industry and competition minister Parks Tau says South Africa is pursuing more robust trade and investment ties in the continent and with China – its biggest trade partner – as the global trade environment becomes increasingly fraught. 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Trade, industry and competition minister Parks Tau says South Africa is pursuing more robust trade and investment ties in the continent and with China – its biggest trade partner – as the global trade environment becomes increasingly fraught. 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