7 days ago
China pivot not a quick fix to US trade pains
Trade, industry and competition minister Parks Tau says while South Africa and China have made in-principle agreements to enhance trade ties, this should not be seen as a quick solution to the ongoing trade ructions with the US.
Addressing the media during a press briefing on Monday morning, Tau said there were discussions with China regarding an announcement at this year's Forum for China-Africa Cooperation (Focac) for lower duty trade with the second-largest economy in the world, but this was being studied.
'It is not as simple as opening up floodgates [to China]. There have been a few developments with regard to China. These include the fact that China announced at Focac this year that it will reduce tariffs to 0% for all countries but one.
'We took the opportunity to engage with the Chinese to say: 'What does this mean?'. How do we implement it?' This was two weeks ago. They said we need to sign the China-Africa economic partnership agreement, or some form of economic agreement, so we are able to unlock this.'
