South Africa has been awarded an opportunity to present its case for continued participation in the African Growth and Opportunity Act (Agoa) after the US questioned the Zuma administration’s trade practices and its commitment to market principles.
The public hearing will take place in Washington DC today (August 7), where South Africa will make a written and oral statement.
According to the minister of trade and industry, Dr Rob Davies, Agoa has helped transform the trade relationship between South Africa and the US, primarily through the exporting of commodities, which has increased value-added trade in manufactured products.
Further, Davies highlights that Agoa has created 100 000 jobs in the US and 62 000 in SA, adding that the Act is a “win-win” for both SA and the US.
Davies said that SA had made “significant and continual progress” in addressing bilateral trade and investment concerns of the US.
SA is a relatively open economy and trade and investment relations between SA and the US have continued to grow and deepen during the period under Agoa.
“Our common view is that South Africa meets all the eligibility criteria to remain a beneficiary of Agoa for the next ten years,” concluded Davies.
SA set to prove its Agoa worth in Washington today
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