Trade and Industry Minister Dr Rob Davies met with UK Trade Policy State Minister Lord Mark Price on the sidelines of the inaugural Commonwealth Trade Ministers Meeting, last week, and reiterated that there will be no interruption in the trade between South Africa and the UK as a result of the UK's exit from the European Union, or Brexit.
It was agreed that the two countries would to work closely to safeguard the continuity and strengthening of the trade relationship between South Africa and the UK.
The Ministers meeting, held in London, has highlighted the importance of diversifying and deepening intra-Commonwealth trade and investment.
To further increase such collaboration, the Ministers found that future discussions should focus on developing value chains, trade in services, green economies, trade facilitation and logistics and the facilitation of investment.
Further, the Ministers also called for the implementation of nontariff measures; greater support for small and medium-sized enterprises; promotion of access to finance; supporting enabling business environments; and exploring the scope for cooperation on the digital economy.
The meeting was aimed at identifying areas of future trade and investment cooperation among the Commonwealth countries, while setting out visions for a policy agenda for such cooperation. The meeting took place against the background of ongoing discussions on Brexit and ahead of the Commonwealth Heads of Government Meeting, which is scheduled to take place next year.
The meeting also agreed to regularise and institutionalise meetings of Commonwealth Ministers responsible for trade. Ministers further considered the need to convene a meeting of Ministers to consider proposals on trade and investment cooperation among Commonwealth member States for submission to the twenty-fifth Commonwealth Heads of Government Meeting.
The Commonwealth has 52 member countries from Africa, Asia, the Americas, the Caribbean, Europe and the Pacific, with a combined population of more than 2.4-billion people and a gross domestic product of over $14-trillion.
“The fact that more than a billion of the citizens of the Commonwealth are below 25 years old and a number of [these] countries [are] among the fastest-growing economies in the world, provides a good opportunity to grow trade among the Commonwealth countries,” Davies said.