The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

South Africa signs Tripartite Free Trade Area agreement

7 July 2017

South Africa has become the 19th country to sign an agreement establishing the Tripartite Free Trade Area (TFTA).

Signed on Friday, the TFTA represents an integrated market of 26 countries with a combined population of 625 million people and a total gross domestic product (GDP) of $1.6 trillion.

South Africa signed the agreement in Kampala, Uganda, during the meeting of the Tripartite Sectoral Ministers’ Committee.

The TFTA was launched by the Heads of States in Sharm el-Shaik, Egypt, in June 2015 and South Africa did not sign the agreement at that stage since there was outstanding work in some of the annexures to the agreement.

“All the annexures have been completed and adopted by the tripartite Sectoral Ministers Committee, enabling South Africa to sign the agreement.  South Africa is 19th country to sign the agreement,” said the Department of Trade and Industry (dti).

The agreement will enter into force once 14 countries submit their instruments of ratification. Egypt recently became the first country to ratify the agreement.

Once the agreement enters into force, it will reduce the tariffs on goods traded between the tripartite countries and create new opportunities for exports as well as regional value chains.

Trade and Industry Minister Rob Davies, who attended the Sectoral Ministers Committee meeting, said the TFTA is an important initiative in accelerating regional integration efforts to ensure that African countries trade with each other.

South Africa, the Minister said, has been a champion of the tripartite process from the beginning and it has committed to the process.

Minister Davies said the country is pleased to be in a position to sign the agreement. He said while the outstanding annexures were being finalised, South Africa, as part of Southern African Customs Union (SACU), participated in the negotiations to finalise the bilateral tariffs commitments.

Tariff negotiations between SACU and Eastern Africa Community (EAC) are very near to conclusion.

“The conclusion of these negotiations will be another important step forward in the process, since it will provide commercial benefits to our business people by enabling them to trade products between SACU and EAC countries at a reduced or zero tariff,” said Minister Davies.

The meeting was attended by Trade Ministers and officials from the Common Market for Eastern and Southern Africa (COMESA), East African Community (EAC), and Southern African Development Community (SADC).

SAnews.gov.za

 


 
 
 
 
 
 
 
_________________________________________________

July 2017 Edition

 
 
_________________________________________________

Translater


 
 
 
 
 
 
 
 
 
 
 

The Cultural Consulate of the Embassy of Iran promotes peaceful religious co-existence Emmanuel Uniting Reformed Church in Southern Africa welcomed the Cultural Consulate of the Embassy of the... <|> Canada at 150: A look at Global South Foreign Relations with Canada By Srimal Fernando, Global Editor The Diplomatic Society 2017 is a significant year in many ways.  Hundred and fifty years... <|> Sri Lankan companies participate in International Trade Exhibition in South Africa 4 July 2017 Once again Sri Lankan companies participated in the annual International Trade Exhibition in South... <|> Vietnam Trade delegation in South Africa 4 July 2017 In June a Vietnamese businesses delegation led by Mr. Ngo Khai Hoan, Deputy Direct for Africa- ministry of Trade and Industry participated in... <|> Easing travel regulations between South Africa and Kenya 3 May 2016 South Africa and Kenya have announced measures that will make travelling between the two countries easier. South African Home... <|> 29th Summit of the African Union Addis Ababa, Ethiopia, 04 July 2017 The 29th Ordinary Session of the Summit of the African Union has come to close after 9 days, during which various statutory... <|> South Africa Celebrates the 30th Anniversary of the Dakar Conference by Kgomotso Kgoale In 1987 the ANC (African National Congress) and IDASA (The Institution for Democratic Alternatives in South... <|> Canada at 150 30 June 2017 H.E. Sandra McCardell, High Commissioner of Canada to South Africa, hosted a reception on the occasion of Canada Day. In welcoming guests High Commissioner McCardell... <|> Ukraine Constitution Day 2017 The Constitution Day of Ukraine was celebrated at the Embassy of Ukraine in the Republic of South Africa on 27 June 2017. Photo: Pictured at the reception are Mr.... <|> The 20th anniversary of Hong Kong's return to the motherland On July 1st, Chinese President Xi Jinping delivered a speech at the meeting celebrating the 20th anniversary of Hong Kong's return to the... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.