Pretoria diversifies exports amid uncertainty over AGOA
By the AFREEQUE newsroom, based on SABC News
South African minister Ronald Lamola says Pretoria is preparing for possible exclusion from AGOA, the US programme giving preferential access to the US market. South Africa is seeking to diversify its markets towards Africa, Asia and the European Union while maintaining constructive dialogue with Washington, according to SABC News.
South Africa is working to diversify its export markets to limit the impact of a possible exclusion from the African Growth and Opportunity Act (AGOA), the US programme that gives eligible African countries preferential access to the US market. South African Minister of International Relations Ronald Lamola said that 45% of South African exports already went to the African continent thanks to the African Continental Free Trade Area, while Asia and the European Union also accounted for a growing share, SABC News reports.
Ronald Lamola said this diversification could cushion the consequences of losing US trade benefits. He added, however, that Pretoria wanted to maintain constructive relations with Washington despite its disagreements with the United States, stressing the importance of that market for several South African products.
This position follows Pretoria’s preparations for a possible withdrawal from AGOA, announced on 21 October. It also comes after an article on the risk of losing US trade benefits, published on 27 October.
