Ramaphosa flags off South Africa's first shipment under AfCFTA
By Ibrahim Omar |
The move makes South Africa the latest country to start trading under AfCFTA, a deal that seeks to create a single market for the continent’s 1.3 billion people.
South African President Cyril Ramaphosa on Wednesday flagged off the first shipment of goods for export under the African Continental Free Trade Area (AfCFTA).
The move makes South Africa the latest country to start trading under AfCFTA, a deal that seeks to create a single market for the continent’s 1.3 billion people. The pact seeks to remove all cross-border trade taxes by 2030.
Keep reading
Ramaphosa was joined at the Port of Durban in the KwaZulu-Natal Province by leaders including South African Minister of Trade, Industry and Competition, Ebrahim Patel, Premier Nomusa Dube-Ncube and AfCFTA Secretary-General Wamkele Mene.
“The successful implementation of the AfCFTA is expected to lead to diversification of exports and increased productive capacity. It will also lead to increased investment, employment opportunities and, most importantly, broaden economic inclusion both in South Africa and the rest of the continent,” said Patel.
“It provides South African exporters with new market access opportunities to key markets in the African continent and can unlock growth.”
South Africa – which is Africa’s most industrialised country - now joins Kenya as one of the countries that have already started trading under AfCFTA, which was launched in January 2021.
Kenya was among six countries – including Cameron, Egypt, Ghana, Rwanda and Tanzania – that were selected to participate in the pilot phase of the deal.
In September 2022, Kenya sold its first goods under AfCFTA – a consignment of locally-made Exide batteries – to Ghana.
The AfCFTA pact requires members to phase out 90 per cent of tariff lines over the next five to 10 years.
With South Africa commencing trade under AfCFTA, Kenya can expect to get goods cheaper from South Africa once the trade taxes are gradually removed.
South Africa is the largest exporter of goods to Kenya on the African continent. Nairobi imports motor vehicles, machinery, foods and beverages from Pretoria. Kenya's largest exports to Pretoria are pearls, precious stones, metals and inorganic chemicals.
Reader comments
Follow Us and Stay Connected!
We'd love for you to join our community and stay updated with our latest stories and updates. Follow us on our social media channels and be part of the conversation!
Let's stay connected and keep the dialogue going!
Latest News For You
