https://www.engineeringnews.co.za
Africa|Business|Engineering|Export|Indaba|Manufacturing|Proximity|Service|Services|Manufacturing |Products
Africa|Business|Engineering|Export|Indaba|Manufacturing|Proximity|Service|Services|Manufacturing |Products
africa|business|engineering|export|indaba|manufacturing|proximity|service|services|manufacturing-industry-term|products

AfCFTA can assist South Africa in exporting goods to more African regions

Africa House director Duncan Bonnett

Africa House director Duncan Bonnett

Photo by Creamer Media's Dylan Slater

12th September 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

While the African Continental Free Trade Agreement (AfCFTA) may provide African countries, including South Africa, with an opportunity to expand their manufacturing capabilities, Africa House director Duncan Bonnett has questioned if South Africa is ready to take advantage of the opportunities presented by the agreement.

Implementation of the AfCFTA could see Africa’s total intraregional trade increase by $16-billion immediately, while up to $50-billion of nontariff barriers would be addressed, he told delegates attending the Metals and Engineering Indaba, in Sandton, on Thursday.

Currently only about 15%, or between $85-billion and $100-billion, of Africa’s total trade is intraregional.

South Africa’s share of regional markets was, however, on the decline, said Bonnett.

Nevertheless, South Africa had in its favour instruments and influence through regional memberships, proximity, suitability of products and services, as well as the ability to service the markets flexibly, he pointed out.

He also noted that, considering that about 44% of South Africa’s exports go to the Southern African Customs Union region, the AfCFTA could help redress some of the imbalances in South Africa’s exports to North, East, Central and West Africa.

This would be beneficial for the country, he added, especially on the back of the scrapping of certain duties.

Fixing this imbalance through the AfCFTA could not only be up to government, he stated, adding that individual companies, various business chambers, export councils and even development finance institutions all had a role to play.

He further stressed that South Africa should not underestimate what was involved and could not simply “export its way out of trouble”, but would need an increasing presence in key markets to sustain its exports.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (23/02/2024)
23rd February 2024 By: Martin Creamer
Magazine round up | 23 February 2024
Magazine round up | 23 February 2024
23rd February 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.457 0.524s - 161pq - 2rq
Subscribe Now