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Thursday, 22 September 2016

South Africa: PE businesses urged to keep calm after Brexit

Soothing concerns of a trade collapse when Britain exits the European Union, a high-ranking British diplomat said yesterday that annual trade between South Africa and the United Kingdom valued at about £10-billion (R180-billion) was not only expected to be maintained, but that Britain hoped it would increase. At an information session on the implications of the Brexit referendum and the UK’s business and trade posture going forward, High Commissioner to South Africa Dame Judith Macgregor assured a gathering at the Nelson Mandela Bay Business Chamber that the referendum would have no immediate effect on trade between the two countries. “Brexit is happening, but it is happening very slowly,” she said. “Before the actual Brexit process is started, Article 50 of the Treaty of Lisbon – which if invoked will signal the official exit –must be activated,”Macgregor said. “Prime Minister Theresa May has indicated that Article 50 will not be activated this side of Christmas. “In fact, no formal date has yet been set,” she said. “Only once Article 50 has been activated will negotiations [with the EU] start. That process is expected to take about two years.”

Source: heraldlive.co.za