12 °c
London
Saturday, September 23, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Brexit might not be all bad news for South Africa

FurtherAfrica by FurtherAfrica
June 30, 2016
in Africa, Economy, Export, FDI, Industry and Commerce, SADC, South Africa
Reading Time: 2 mins read
907 18
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

A worst case scenario for the United Kingdom (UK) could be a boost for South African trade between the UK and the European Union (EU), a trade consultant and economist said on Wednesday.

This follows a referendum, where the UK voted to leave the European Union last Thursday.

André Gouws, a consultant to the Department of Trade and Industry, told Fin24 on the sidelines of a Brexit workshop in Cape Town a worst-case scenario will occur if the EU or UK puts up significant trading barriers that will make it more difficult to export or import goods and services between the EU and UK.

This presents an opportunity for South Africa, said Gouws.

“We can start taking markets that the British had in Europe so we need to do the research into that aspect.

“Then we need to look at the market in the UK that the Europeans have and we need to see what we can exploit from that.”

Gouws said these could provide opportunities for certain niche markets, like agro-processing, automotives and even the clothing and textiles industry.

“If most British firms can no longer export to the EU as they are doing now, that is going to be more expensive. They are going to face high external barriers and all the non-tariff barriers that the rest of the world has to face.

“South Africa fortunately has got trade agreements in place with the EU and I think that is what we need to use – that we can offer those to investors who are currently there and offer them a place in South Africa – to invest and then use our quotas and our duty-free access to get into the EU or to retain their market that they have currently got.”

Gouws said South African businesses that focus on exporting also need to lobby government to ensure it negotiates the best outcome in case a worst-case scenario occurs for the UK.

“We need to know what it is that business needs. There’s so many non-tariff barriers so it is easier to pick up the tariff barriers, but what are the non-tariff barriers and regulatory requirements that our exporters are facing right now,” he asked.

Gouws said these challenges should be discussed with the department of trade and industry so that they can start using the diplomatic channels to either reduce those non-tariff barriers or to find ways of helping South Africans to comply with the trade barriers that are in place.

In addition, he said the best case scenario for South Africa’s trade relations with the UK would be if it develops a liberalisation trade policy, as opposed to the status quo or a protectionist policy.

South Africa on June 17 signed an Economic Partnership Agreement (EPA) with the EU where exports have increased from R151bn in 2011 to R216bn in 2015.

The EPA, which was also signed by Botswana, Lesotho, Mozambique, Namibia and Swaziland, will replace the trade chapter in the bilateral agreement between the EU and South Africa, the Trade Development and Cooperation Agreement (TDCA) signed in the year 2000.

This deal will provide improved market access opportunities for South African products, including a significant improvement in quota for wine and new market access for sugar and ethanol.

The agreements still requirement parliamentary approval from the EU and the SADC countries, said Gouws.

Source: BusinessTech

Related

Tags: brexitEuropean UnionsadcSouth AfricaTradeTrade agreementUnited Kingdom
ScanSendShare370Tweet231Share65Pin83Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
Weekend

6 stunning beaches in Egypt to visit in 2023

by See Africa Today
September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
Tech

Elon Musk’s Starlink is off to a bright start in Africa

by The Exchange
September 22, 2023
Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
0

Kenya is a small paradise teeming with beautiful landscapes, rich culture and breathtaking sceneries, not forgetting some of the best...

Read more

6 stunning beaches in Egypt to visit in 2023

September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022

Opportunity through adversity: 8th annual Africa risk-reward index

September 23, 2023

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?