Parliamentary committee concerned about impact of tensions with US
The Select Committee on Economic Development and Trade expressed concerns that with the response from the Brazil, Russia, India, China, South Africa, or Brics, grouping to US President Donald Trump's threats concerning development of a common Brics currency appearing uncoordinated, this could potentially impact on trade relations, leaving many disadvantaged.
On Monday, South Africa’s government said there were no plans to create such a so-called Brics currency, after Trump threatened to impose 100% tariffs on members of the economic bloc that back the creation of an alternative to the US dollar.
In a statement, the Department of International Relations and Cooperation pointed to the recent misreporting that had led to the incorrect narrative that Brics was planning to create a new currency.
It stated that, instead, discussions within Brics focused on trading among member countries using their own national currencies.
Committee chairperson Sonja Boshoff highlighted that South Africa and the US need each other as trade partners, and “under no circumstances” should either side entertain the idea of severing ties.
Boshoff emphasised that the longstanding relationship between the two countries had been characterised by “cordiality, decency and mutual respect”.
“These principles should remain the foundation of our trade relations with the US. Such a foundation will ensure that South Africa–US trade can withstand any diplomatic challenges or tensions that may arise,” she said.
Boshoff pointed to the US as a reliable trade partner and South Africa's status as a gateway to African markets.
“South Africa is a major beneficiary of the African Growth and Opportunity Act and many exchange programmes in education, innovation, and technology. These relations must endure, bringing mutual benefits to the people of both our countries,” she said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.
VISIT SHOWROOM
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
