South Africa is a priority market for London businesses, with 70% of British businesses saying that the United Kingdom government should prioritise trade with the country when it formally exits the European Union this month.
This according to a joint survey by the Royal Commonwealth Society and Political Lobbying and Media Relations (PLMR) which showed South Africa in second place, behind Canada, as a priority trade market.
The survey results also placed South Africa fifth internationally for trade opportunities with Commonwealth countries post-Brexit.
Minister of Trade and Industry, Dr Rob Davies – who returned from the Commonwealth Trade Ministers’ Meeting in London last week – said he welcomed the outcome of the survey, adding that it “indicates that government’s efforts to enhance the facilitation of investment is paying off”.
According to the Department of Trade and Industry (dti), the UK is South Africa’s second biggest trading partner in the European Union (7th globally) and the country’s positive trade balance with the UK has been increasing since 2014 to R14.6 billion in 2016.
British parliament passed the Brexit Bill today (Tuesday), allowing prime minister Theresa May to trigger legislation which gives both sides two years to agree to the terms of the split.
