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South Africa eyes rapidly-growing countries for trade

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Wednesday, 23 May 2012

South Africa eyes rapidly-growing countries for trade

According to an article by Rob Davies, the South-African Minister of Trade and Industry, the country will seek to boost trade relations with rapidly-growing developing nations. His statement does not come as a surprise, however, as the minister reminded parliamentarians that South Africa's trade with BRICS members grew by 29 percent last year, hailing the expansion as a boom.
Speaking of this approach, Mr. Davies recalled that "global economic power is shifting before our very eyes from the North and West to the South and East". Furthermore, he noted that even though the European Union remains South Africa's biggest trade partner, troubles on the continent have left trade volumes depressed.
South Africa has seen a rapid growth in trade with emerging countries, led by China and India. Nonetheless, its exports to Europe and other developed countries remain below their 2008 peaks.

Source: AllAfrica