South Africa sees potential in free trade agreement with Africa: Minister

JOHANNESBURG,
June 6, (Xinhua / GNA) – South African Minister of Commerce and Industry, Ebrahim
Patel congratulated Wednesday the African Continental Free Trade Area (AfCFTA)
agree, saying that it will improve Africa's trade and grow economies.

He talked
while the Deputy Minister of Commerce and Industry of the country, Fikile Slovo Majola, left
for a meeting of African Trade Ministers (AMOT) in Ethiopia.

L & # 39; exchange
Ministers will discuss and agree on outstanding issues that include rules
Originally, CAFTA's tariff offers and trade in services on June 7 and 9.

"If we can
get the right institutions and infrastructure and build a deep business and
social partnership in South Africa, the AfCFTA can add several billion rand to
Gross Domestic Product (GDP). It can create a lot of new industries
jobs, attract and develop investment and strengthen the economy ", said
Patel.

He said AfCFTA
was a game changer for the local economy, with the potential to provide a huge
South African goods and services market.

"We will
working in close partnership with investors and the local business community to
realize that potential, "said Patel.

Majola said the
results of the 8th The AMOT meeting would be presented to the Assembly of Heads of State of the
AU to be held in Niger on 7 July. The Conference of Heads of State
The AU will launch the operational phase of AfCFTA when they meet.

He stressed
that AfCFTA would give the country an opportunity to expand into new markets
in North and West Africa, beyond the region of South Africa.

"This will
provide South African exporters and investors with the legal certainty they so badly need
and the predictability of markets across Africa, "he said.

The objectives of AfCFTA
integrate African countries into a single market of over 1.2
billion people with a combined GDP of 2.5 trillion US dollars.

L & # 39; union
United Nations Economic Commission for Africa estimates that AfCFTA will increase
intra-African trade from 10-16% currently to about 52%
from here to the year 2022.

GNA