http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.92Change: 0.12
R/$ = 11.01Change: 0.03
Au 1243.25 $/ozChange: -1.49
Pt 1265.00 $/ozChange: -5.00
 
 
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 Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 17, 2012

SA’s Brics status not a ‘stigma’, US says as it weighs Agoa’s future

Back
Johannesburg|Africa|Environment|Flow|Africa|Brazil|China|India|Russia|South Africa|United States|USD|Automotive|Energy|Flow|Products|Ebrahim Rasool|Hillary Clinton|Rob Davies
|Africa|Environment|Flow|Africa|||Automotive|Energy|Flow|Products|
johannesburg|africa-company|environment|flow-company|africa|brazil|china|india|russia|south-africa|united-states|usd|automotive|energy|flow-industry-term|products|ebrahim-rasool|hillary-clinton|rob-davies
© Reuse this



South Africa’s member- ship of the Brics bloc, whose other members are Brazil, Russia, India and China, should not prejudice its future inclusion as a beneficiary of the market-access benefits that would flow from any extension of the Africa Growth and Opportunity Act (Agoa) beyond September 30, 2015, a senior US government official has insisted.

Department of State Undersecretary for Economic Growth, Energy and the Environment Robert Hormats said Agoa had been extremely valuable, that he was strongly in favour of extending the benefits beyond 2015 and that the extension should be for longer than a period of three years.

But, speaking on the sidelines of the inaugural US-South Africa Business Summit, in Johannesburg, Hormats stressed the administration could not extend Agoa in its present form and that it was, thus, important to begin a conversation with US lawmakers on how to extend Agoa and firm up the countries that should be covered.

T

he future status of the Act, which extends duty-free access to African products on 6 400 tariff lines, should also be confirmed well ahead of the deadline to create certainty.

Hormats argued that South Africa’s partici- pation in Brics held “no stigma” for the US government, which believes that the country had “every right” to participate in inter- national partnerships.

For its part, South Africa is keen for Agoa to be extended intact for a period of up to ten years.

However, South Africa’s ambassador to the US, Ebrahim Rasool, has warned that South Africa should not be complacent in anticipating Agoa would be extended automatically.

He has also cautioned that the key sectors, such as South Africa’s automotive industry, which exports vehicles and parts to the world’s largest economy, would be disadvantaged should the county fail to safeguard an extension of Agoa and secure its own future role as a beneficiary.

In 2011, South Africa exported $9.5-billion to the US and imported $7.3-billion in return. Total bilateral trade rose to a record $16.8- billion.

Speaking at the summit, South Africa’s Trade and Industry Minister, Dr Rob Davies, stressed that the country hoped that Agoa would be extended and expanded after 2015.

He said that, while Africa had benefited directly from the Act, it had also generated “goodwill” towards the US at a time when a number of other “dynamic” companies and countries were increasingly taking note of the economic opportunities the continent had to offer.

It would also complicate trade relations, Davies added, if a country such as South Africa were excluded, while remaining a member of a regional bloc, such as the Southern African Development Community, that included Agoa beneficiary countries.

Secretary of State Hillary Clinton said the US was alive to the opportunity that Africa’s growth presented for its citizens, as well as American businesses.

She said the US would seek a sustainable partnership in Africa that would add value rather than extract it.

To achieve that goal, public–private partnerships were critical, while ties would need to be strengthened between American and African businesses.

It was a global economic “imperative” for the US and South Africa to work together on the creation of jobs “in both countries”.

Edited by: Martin Zhuwakinyu
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other News This Week News
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
More
 
 
Latest News
Trade union Solidarity warned on Wednesday that ongoing restructuring and retrenchments in the information and communication technology (ICT) industry continued to put employees in the sector under “immense” pressure. This as the union claimed it had received...
Directors of investment holding company Combined Motor Holdings (CMH) say they are satisfied with the results achieved in the six months ended August 31, during which time the local economic environment continued to battle impediments to growth and national dealer...
In the Medium-Term Budget Policy Statement Finance Minister Nhlanhla Nene has outlined concrete plans to consolidate South Africa’s pubic finances and restore macroeconomic balances. The proposed adjustments – lower than planned spending and increased tax revenues -...
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
IAN EVANS AirWatch file synchronisation and sharing system was initially designed for a large airline company
Effective file synchronisation and sharing across an organisation’s structures can provide the basis for robust mobile-device and document management while maintaining proper backup, version control and content distribution. These are the lessons learned by complex...
Hotel group Carlson Rezidor currently holds the largest hotel pipeline in Africa with 30 hotels and 6 300 rooms under development. The hotel group develops and operates Radisson Blu in the upper upscale segment and Park Inn by Radisson in the mid-market segment. With...
 
 
 
 
 
 
 
 
 
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