INTERNATIONAL
South Africa takes measures to deal with US tariffs
South Africa has submitted a revised offer as a basis for negotiations with the US, according to a press conference held by the South African government. - Screengrab/CCTV/via REUTERS
SOUTH Africa has been implementing a response featuring five measures following the 30 percent unilateral tariff imposed by the United States, which took effect on Aug. 7, according to a press conference held by the South African government on Tuesday.
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The five key elements include continued engagement with the United States, diversification of exports to alternate markets, an economic response package to vulnerable companies and workers, and demand side interventions, said a statement released on Tuesday.
South Africa has submitted a revised offer as a basis for negotiations with the U.S., and has made adjustments to the import access of poultry, blueberries and pork.
Consequently, the USA-Africa Trade Desk has informed that it will be shipping containers of poultry and pork from various states to South Africa in two weeks' time, said the statement.
South Africa will accelerate the development of the African Continental Free Trade Agreement (AfCFTA), as well as markets in Europe, Asia, the Middle East and other regions. It will also dispatch trade and agriculture specialists, enhance export certification and bio-security standards, and strengthen economic resilience.
The economic response package includes setting up an export enterprise consultation service platform, establishing a localization support fund, launching an export and competitiveness support program, and working with the Department of Employment Labor to formulate employment security measures for affected employees.
South Africa will, in accordance with the rules of the World Trade Organization, take anti-dumping, countervailing and safeguard measures at an appropriate time to prevent a surge in imports and low-price dumping from impacting domestic industries.
The local brand promotion platform of South Africa will cooperate with enterprises and retailers to expand the sales of domestic products, and leverage the supporting role of domestic demand in the economy.
The South African government stated that it will do its utmost to safeguard the U.S. market, while accelerating the pace of market diversification to ensure employment and industrial stability.
"We are actively looking at markets, and not only as a response to the U.S. tariffs, but as a resilience building strategy. So we are looking at the African continental market which is our biggest market that accounts for actually 27 percent of our exports, so quite a significant market," said Mlumbi-Peter, Deputy Director General of the Department of Trade, Industry and Competition.
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AI Brief
- South Africa revised its offer to the US, adjusting import access for poultry, pork, and blueberries.
- The government launched programmes to support exporters, protect jobs, and strengthen local industries.
- South Africa aims to expand trade with Africa, Europe, Asia, and the Middle East to reduce reliance on the US.
The five key elements include continued engagement with the United States, diversification of exports to alternate markets, an economic response package to vulnerable companies and workers, and demand side interventions, said a statement released on Tuesday.
South Africa has submitted a revised offer as a basis for negotiations with the U.S., and has made adjustments to the import access of poultry, blueberries and pork.
Consequently, the USA-Africa Trade Desk has informed that it will be shipping containers of poultry and pork from various states to South Africa in two weeks' time, said the statement.
South Africa will accelerate the development of the African Continental Free Trade Agreement (AfCFTA), as well as markets in Europe, Asia, the Middle East and other regions. It will also dispatch trade and agriculture specialists, enhance export certification and bio-security standards, and strengthen economic resilience.
The economic response package includes setting up an export enterprise consultation service platform, establishing a localization support fund, launching an export and competitiveness support program, and working with the Department of Employment Labor to formulate employment security measures for affected employees.
South Africa will, in accordance with the rules of the World Trade Organization, take anti-dumping, countervailing and safeguard measures at an appropriate time to prevent a surge in imports and low-price dumping from impacting domestic industries.
The local brand promotion platform of South Africa will cooperate with enterprises and retailers to expand the sales of domestic products, and leverage the supporting role of domestic demand in the economy.
The South African government stated that it will do its utmost to safeguard the U.S. market, while accelerating the pace of market diversification to ensure employment and industrial stability.
"We are actively looking at markets, and not only as a response to the U.S. tariffs, but as a resilience building strategy. So we are looking at the African continental market which is our biggest market that accounts for actually 27 percent of our exports, so quite a significant market," said Mlumbi-Peter, Deputy Director General of the Department of Trade, Industry and Competition.