Ramaphosa urges SA to adapt quickly to US 30% tariff
He said the government has been engaging the US to improve trade and investment relations that would benefit both countries.
'Our priority is protecting our export industries. We will continue to engage the US in an attempt to preserve market access for our products. We must also accelerate the diversification of our export markets, particularly by deepening intra-African trade.'
The government has established an export support desk to assist affected producers. Ramaphosa said the government would soon announce the modalities of support packages for those affected which would also help guide industries looking to expand into markets in Africa, Asia, the Middle East and others.
'Strengthening regional value chains will be key to building resilience for our export markets in the longer-term. Much as strengthening and establishing alternative value chains will take time, this moment presents us with an opportunity to push forward with the implementation and expansion of the African Continental Free Trade Area.
'Reducing over-dependence on certain markets is a strategic imperative to build the resilience of our economy. It will also enable us to expand the frontiers of opportunity for South African businesses, goods and services. In the coming months we will scale up our trade missions into new markets in Africa and beyond, as well as the national exporter development programme whose aim is to grow the pool of export-ready companies.'
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