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South Africa: EU Economic Trade Agreements Excite Committee

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Wednesday, 24 August 2016

South Africa: EU Economic Trade Agreements Excite Committee

The Select Committee on Trade and International Relations has called on government and the private sector to capitalise on the new economic partnership agreement (EPA) with the European Union (EU). The Chairperson of the Committee, Mr Eddie Makue, said the potential for value-added products in the manufacturing sector is large and should be properly harnessed to benefit the regional economy. "The trade that SA does with EU members presents immeasurable opportunities for a growing and developmental economy such as ours. Total trade between South Africa and the EU increased from R374 billion in 2011 to R536 billion in 2015, an increase of 43%. SA exports to the EU increased from R151 billion in 2011 to R216 billion in 2015," Mr Makue said. The Department of Trade and Industry (Dti) came to brief Parliament on the new economic trade agreements with the European Union. The briefing comes as the Great Britain, South Africa's major trading partner in the EU, voted in June to leave the EU.

Source: allafrica.com