South African roll-over trade agreement with UK to be finalised before February 21
Parliament’s Portfolio Committee on Trade and Industry on Wednesday announced that the Department of Trade and Industry’s (DTI’s) negotiation team expected to reach a roll-over agreement with the UK by February 21.
This regards preferential trading arrangements after the British exit from the European Union (EU), or Brexit, which is set to occur on March 29.
Additionally, the committee was informed by the DTI that no agreement has been reached between the UK and the EU about the UK’s continued use of existing EU trade agreements. As the UK is currently still part of the EU, no new conditions can be negotiated as part of the roll-over agreement.
“It is only once the UK leaves the EU without an agreement that the UK can draw up its own agreements with other countries. The impact of them not reaching an agreement with the EU before Brexit is difficult to quantify now,” said DTI trade negotiation, international trade and economic development division director Niki Kruger.
The UK is currently South Africa’s second-biggest trading partner in the EU.
The committee heard that although South Africa currently has a negative trade balance with the EU, it has a positive trade balance with the UK and this has increased significantly in recent years.
The South African and UK trade balance is currently at about $1.5-billion in South Africa’s favour. The UK currently receives about 40% of all fresh food products or agricultural products that are exported from South Africa to the EU.
The committee heard that the UK has indicated that if it does have its own agreements post-Brexit, it would like to negotiate more open and mutually beneficial agreements.
As soon as the roll-over agreement is signed, it will go to Parliament for ratification.
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