South African President Cyril Ramaphosa said on Monday that the government is intensifying efforts to diversify export destinations for the country’s goods, products and services.
Earlier this month, U.S. President Donald Trump announced a set of sweeping tariffs on dozens of trade partners, including a 31-percent tariff on imports from South Africa. However, he later paused his tariffs on most nations for 90 days.
Ramaphosa, in his weekly newsletter, stated that trade between nations is a vital part of economic progress.
“Developing economies such as ours are vulnerable to volatility in international trade. This is particularly the case in the face of unilateral actions and coercive measures that undermine multilateral agreements and the global rules-based trading system,” he said.
While South Africa is working in different ways to make its domestic industries more resilient, Ramaphosa noted that the country is also intensifying efforts to diversify destinations for South African goods, products and services.
According to Ramaphosa, South Africa is deepening relations with countries and regions with which it has regional and bilateral trade agreements, including the Southern African Customs Union, the Southern African Development Community Free Trade Area, and the African Continental Free Trade Area.
South Africa will continue to advocate for a level playing field in global trade, said Ramaphosa.
“Trade must remain free, predictable and governed by a rules-based system. This is particularly critical for developing economies, many of which remain locked into the lower end of global value chains,” he stressed.
“Our ultimate goal is to secure favorable trade terms that advance our national interest, drive inclusive growth and create jobs for the South African people,” he added. Enditem
Source: Xinhua
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