South Africa Says U.S. Trade Talks Persist to Reach Deal
(MENAFN) With a 30% tariff on South African exports scheduled to begin Friday, the South African government announced Monday that it will persist in talks with Washington to finalize a mutually beneficial trade agreement.
During a press briefing in Johannesburg, International Relations and Cooperation Minister Ronald Lamola and Trade, Industry, and Competition Minister Parks Tau confirmed that no deal has been secured yet, despite South Africa submitting its trade framework proposal back in May.
"South Africa seeks to conclude deals that promote value addition and industrialization, rather than extractive relations that deprive the country of the ability to beneficiate our mineral wealth by mimicking extractive colonial era trade relations," Lamola emphasized, noting that ongoing geopolitical tensions have hindered progress with the U.S.
Lamola cautioned that the new tariff could lower South Africa's GDP by 0.2 percentage points. The United States ranks as South Africa’s third-largest trading partner, accounting for 7.5% of total trade, with agricultural exports most at risk from the impending tariff.
"South African exports do not compete with U.S. producers and do not pose a threat to the U.S. industry. On the contrary, our exports are crucial inputs that support America's industrial base," Lamola stated, adding that South African agricultural products entering the U.S. market are seasonal and not "replacing" American agricultural goods.
He also pointed to South Africa’s push to broaden its export destinations, particularly for agricultural products. South African farmers have begun shipping lemons, avocados, and apples to China following new bilateral protocols, with additional efforts underway to expand market access across Asia, Europe, the Middle East, and Africa.
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