..::Christ Embassy Online News::.. SA, UK to continue focus on doubling trade

SA, UK to continue focus on doubling trade

South Africa and the UK are looking to increase economic and trade ties by focusing on exporting high-value-added goods to Britain, the Minister of International Relations and Co-operation Maite Nkoana-Mashabane says.

Briefing media at the Taj Hotel in Cape Town, following a bi-lateral meeting with UK foreign secretary William Hague, Nkoana-Mashabane said trade had improved between the two countries last year after declining 37% from 2008 to 2009, amid the global financial crisis.

In the first 10 months of last year, South African exports to the UK had increased 10.7% while UK imports were up 30.6%. Last year, the two countries agreed at a bi-lateral forum to double trade between the two nations by 2015.

While the UK remains South Africa's top source of overseas tourist arrivals, with 453,000 arrivals in 2010, the country is also providing support to set up a Free Trade Area (FTA) in Africa and providing development assistance through its Department for International Development.

Trade between the two countries increased 77% between 2001 and 2008, growing from R42 billion to R74.5 billion.

Nkoana-Mashabane said there were more than 300 UK companies operating in South Africa and several SA ones in the UK, pointing out that the South African government wanted to encourage UK companies to invest in beneficiation and the agro-processing sector in South Africa.

Hague congratulated South Africa for successfully hosting COP17 in Durban in December and said the UK would continue to work with South Africa. "We will continue to work with you over the coming year and think that South Africa has given a very good strong lead in that area. And certainly our countries have worked very well together," said Hague, who is due to speak at the University of Western Cape today on bilateral trade between the two countries.

He said South Africa was a "truly global player" across a range of issues, including non-proliferation, climate change and conflict resolution.

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