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

News24
11 Sep 2019, 19:13 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 India Gazette.

More Information

null in null

Business

Section

Musk’s X loses CEO Linda Yaccarino amid AI backlash, ad woes

BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...

Ex-UK PM Sunak takes advisory role at Goldman Sachs

NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...

Gold ETF inflows hit 5-year high as tariffs drive safe-haven bets

LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...

PwC: Copper shortages may disrupt 32 percent of chip output by 2035

AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...

U.S. stocks recover after Trump-tariffs-induced slump

NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...

Stocks slide as Trump unveils 25% tariffs on Japan, S. Korea

NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...

Delhi

Section

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Don't think Alonso's scared to drop anyone: Gareth Bale expects "big changes" in Real Madrid under new coach

New Delhi [India], July 11 (ANI): Former Real Madrid star winger Gareth Bale expects new head coach Xabi Alonso to make 'big changes'...

One Nation, One Election Bill does not hamper basic structure of Constitution, need to address grey areas: Former CJIs tell parliamentary panel

New Delhi [India], July 11 (ANI): Former Chief Justices of India JS Khehar and DY Chandrachud gave their views before the Joint Parliamentary...