News24
11 Sep 2019, 19:13 GMT+10
South Africa has concluded a new trade deal with the UK, which will kick in if Britain leaves the European Union without an trade agreement.
The UK is set to leave the EU on October 31, and no trade deal currently exists between the two. While UK Prime Minister Boris Johnson has vowed no not seek another extension, the UK Parliament has passed a law compelling him to seek a further delay if no departure deal has been concluded.
Minister of Trade and Industry, Ebrahim Patel, told reporters on Wednesday in Cape Town that SA and five other countries in the southern African region had clinched a deal that would give the African states a soft landing in case of a no-deal Brexit.
The other countries are Lesotho, eSwatini, Namibia, Botswana and Mozambique.
The new agreement will be know as the SACUM-UK Economic Partnership Agreement, said Patel. He said it would effectively "rollover and replicate the terms of trade" that govern the current trade agreement between South African and the European Union in terms of tariffs, quotas, rules of origin, and health and safety regulations.
The UK is one of SA's largest trading partners, with bilateral trade of about R140bn in 2018.
UK International Trade Secretary, Liz Truss, said in a statement: "This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers".
Get a daily dose of Afghanistan Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
A deadly Russian police raid on alleged Azerbaijani crime ring has prompted a major diplomatic flare up between the two nations ...
Astana [Kazakhstan], July 1 (ANI): India's strong start at the World Boxing Cup-Astana, Kazakhstan 2025 gained further ground with...
Chiang Mai [Thailand], July 1 (ANI): Aiming to extend their perfect run in Group B of the AFC Women's Asian Cup 2026 Qualifiers, the...
The chief editors of Sputnik Azerbaijan have been placed into pre-trial detention for four months ...
The chief editors of Sputnik Azerbaijan have been remanded in pre-trial detention for four months A Baku court on Tuesday ordered...
Kabul [Afghanistan], July 1 (ANI): The United Nations Children's Fund (UNICEF) has reported that over 5,000 unaccompanied children...