http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 16.48Change: -0.19
R/$ = 14.31Change: -0.06
Au 1289.75 $/ozChange: -1.40
Pt 1079.00 $/ozChange: 3.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters About Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 17, 2012

Chile affirms importance of trade agreement with Sacu

Back
Africa|India|Pluna|Africa|Australia|Chile|South Africa|University Of South Africa|Airline|Products|Service|Services|Fernando Schmidt
Africa||Africa|||Products|Service|Services|
africa-company|india|pluna|africa|australia-country|chile|south-africa|university-of-south-africa-facility|airline|products|service|services|fernando-schmidt



Chile views the recently finalised memorandum of understanding (MoU) on the creation of a Joint Trade and Investment Commission with South Africa as the starting point for the negotiation of a preferential trade agreement (PTA) with the Southern African Customs Union (Sacu).

“We’re aiming at a PTA with Sacu,” confirms Chilean Under Secretary (Deputy Minister) for Foreign Affairs Fernando Schmidt. The signing of the MoU is the first step. “This is the opening of talks. It’s a win-win situation.”

The South American country already has free trade agreements (FTAs) with most Latin American countries, but Chile also has PTAs with some countries, such as India. “There are many different forms [of trade agreements],” he observes.

Chile is well known for its commitment to free trade. “We have announced that we will lower our tariffs to zero for all imports from all countries,” he highlights. “But FTAs are essential for other issues – nontariff barriers, phytosanitary barriers, customs agreements. It’s not just tariffs. There are no fewer than 12 disciplines that are regulated under an FTA.”

“Chile has also deregulated its airspace. Airlines from any country can fly internal routes in Chile without restrictions, without reciprocity,” cites Schmidt. “Today, a couple of companies are being approved – one Swedish, one Mexican – they serve the Chilean domestic market. A Uruguayan airline, Pluna, is already serving our domestic market.”

A second instrument to promote bilateral investment between South Africa and Chile has also been finalised – an Agreement on the Avoidance of Double Taxation. Currently, trade between the two countries is running in Chile’s favour. According to South African Revenue Service figures, last year, South African imports from Chile amounted to R834 622 926 while South African exports to Chile were worth R604 083 784. In 2010, the figures were R579 329 403 and R450 454 011 respectively and in 2009 R861 737 835 and R446 718 467 respectively.

In an address to the Institute for Global Dialogue and the University of South Africa early last month, Schmidt emphasised Chile’s belief in the principles of freedom, including economic freedom. “In the economic field, we also believe in free entrepreneurship, with all the safeguards that it requires to ensure equity and transparency, with all the safeguards to ensure the regulatory role of the State.”

Concerning the issues surrounding a trade agreement between his country and South Africa and Sacu, as well as the value of such an agreement, he pointed out that, in the years since the FTA between Chile and Australia had come into force, trade between those two countries had grown at a rate of 21% a year despite the fact that both are southern hemisphere countries with similar climates and similar products.

“To have a PTA with Sacu – this is something very important,” he affirmed. “This is something the countries concerned have already negotiated with the European Union and the European Free Trade Area countries. This creates new opportunities. Opportunities for our people and entrepreneurs.”

The current global crisis has not altered Chilean perceptions. “[W]e strongly believe that the solution to the problems that affect today’s world is not to become secluded inside our own borders,” he asserted. “The solution does not lie in protectionism, but in opening up even further to the world.

“We want to cut down on costs, diversify our trade, become more efficient, allow our people to access new and better goods and services,” explained Schmidt. “We want to be innovative in addressing our challenges and so here is a clear invitation to South Africa, an important country on this continent and globally.”

Edited by: Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Mzwandile Masina
The Department of Trade and Industry (DTI) has invited companies to participate in a trade and investment mission to Ghana and Nigeria from August 8 to 12.   Companies in the agriculture and agroprocessing sectors, built environment professionals, automotive and...
One of the key messages to emerge ahead of the review of South Africa’s sovereign credit rating is that the country needs to outline the practical actions it will take to reignite growth, which has more or less petered out in recent years, with few expecting the...
NO GROWING PAINS Chryso SA CEO Norman Seymore explains his company's continued growth despite depressed market conditions
Construction chemicals producer Chryso Southern Africa continues to innovate and expand, offsetting the decrease in major civil projects. Chryso Group VP and Chryso South Africa (SA) CEO Norman Seymore notes that, aside from a few high-profile building projects in...
More
 
 
Latest News
Updated 1 hour 19 minutes ago Transnet announced on Monday the implementation of a series of governance, control and monitoring measures to ensure the Original Equipment Manufacturers (OEMs) meet the company’s stringent localisation obligations and supplier development commitments. Transnet...
Updated 1 hour 31 minutes ago South African Civil Aviation Authority (SACAA) on Sunday said it had lifted the suspension of SA Express’ Air Operator Certificate (AOC). “This means that the airline may, with immediate effect, resume operating their fleet of 26 aircraft,” said SACAA in a statement.
Updated 3 hours ago US Democratic presidential front-runner Hillary Clinton begins a two-day tour on Monday through rural, traditionally coal-reliant parts of the eastern Appalachian region where Republican rival Donald Trump's pro-coal, anti-trade message has resonated with...
More
 
 
Recent Research Reports
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
 
 
 
 
 
This Week's Magazine
The two spent-fuel pools at Eskom’s 1 800 MW Koeberg nuclear power station, in the Western Cape, will be full by 2018, increasing the urgency on the State-owned utility to begin pursuing alternative storage options. Koeberg has, over the past 32 years, accumulated a...
South Africa lacks the skills necessary to implement the government’s plan to build 9.6 GWe of new nuclear energy capacity, warns nuclear-qualified Quality Strategies International CEO David Crawford. “Apart from the concern about the affordability of the programme,...
DOROS HADJIZENONOS The 700-series devices provide network security monitoring, app control, URL filtering, VPN security, antivirus, antispam, antibot, and advanced intrusion prevention and detection functionality
Cybersecurity multinational Check Point has released its latest 700-series cybersecurity systems for small businesses, which draw on its international threat intelligence to provide up-to-date cybersecurity, says Check Point South Africa country manager Doros...
Daimler Trucks and Buses Southern Africa (DTBSA) saw a marked slip in new-vehicle sales in 2015 compared with 2014, with sales dropping from 5 897 units to 5 300 units. The decline came as the South African new truck and bus market declined from 31 558 units in 2014...
Group of 20 (G-20) economies threatened to penalise havens that don’t share information on their banking clients after the leak of the Panama Papers provoked a global uproar over tax evasion. The G-20 will consider “defensive measures” against financial centers and...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $149 Close
Subscribe Now for $149