South-South trade growth high on agenda

The dti will develop and implement a five-year work programme to strengthen economic relations with key dynamic economies of the South, as part of its efforts to diversify South Africa’s trade and investment relations. That was the message from Trade and Industry Minister Dr Rob Davies in his budget vote address last week. “In light of the global crisis, the case for stronger South-South trade and cooperation is compelling,” said Davies. “Brazil, Russia, India and China, the most dynamic emerging economies, are leading a structural shift in the global economy in which developing countries have been enjoying a rapidly growing share of world trade. “The current global economic crisis has if anything accelerated the underlying trend which now appears irreversible.” Building trade and investment relations with these new centres of global economic growth will require purposeful engagement, says Davies. “We are also convinced that through purposeful engagement we can negotiate new types of mutually beneficial developmental agreements with key countries of the South.