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Tuesday, 13 December 2016

South Africa: SA, Zambia Walk Trade Tightrope

South Africa and Zambia have vowed to do things differently by enhancing their relations, which in turn will redress the trade imbalance between the two SADC countries. Relations are solid between Zambia and South Africa, with 2015 two-way trade statistics indicating that Zambia is one of South Africa's top trading partners on the continent and is currently ranked as South Africa's top 10 import sources in the world. However, trade is in favour of South Africa, which has more than 120 companies operating in Zambia. The trade balance shows a steady decline of South Africa's exports, which were valued at R11.2 billion and R7 billion in 2009 and 2010 respectively. The same decline applies to imports, as the statistics show R1.6 billion in 2009 and R1.4 billion in 2010. Cooperation in trade and investment, science and technology, agriculture, defence, energy and culture have been eyed as sectors that need extra attention to address the imbalance. Both South African and Zambian companies have been encouraged to take full advantage of the excellent historical political ties to increase economic activity. "We have taken a decision to lift our relationship and do more. In our discussions, we have talked about the number of agreements that we have in place that need to be implemented. "We have emphasised the need to implement - we must walk the talk. We are both ready to make this Joint Commission for Cooperation (JCC) work," President Jacob Zuma said on Thursday. He was addressing media after official talks with his Zambian counterpart, President Edgar Lungu, who is in the country for a State visit.

Source: All Africa