Trade Agreement Between South Africa And Nigeria

Nigeria accounts for 64% of South Africa`s total trade with the West African region and is one of its main trading partners on the continent. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. Ramaphosa also expressed remorse over the violence against immigrants last month, which weighed on relations between the two nations. Ramaphosa said the two countries had sealed 32 bilateral agreements and memorandums of understanding for trade and industry, science and technology, defense, agriculture and energy. JOHANNESBURG (Reuters) – South Africa and Nigeria signed 30 trade and cooperation agreements on Thursday, weeks after a wave of violence against Nigerian nationals in Johannesburg and Pretoria weighed on relations between Africa`s two largest economies. There are duty-free exchanges between South Africa and the four other countries (Botswana, Lesotho, Namibia and eSwatini) that make up the Southern African Customs Union (SACU). The 2012 Southern African Development Community (SADC) Free Trade Agreement allows duty-free trade between 12 of the 15 members. The Trade and Development Cooperation Agreement between the European Union and South Africa, which came into force in 2000, has made available a progressive free trade agreement (FTA) that has become the cornerstone of the regional trading landscape. South Africa has also negotiated agreements with the European Free Trade Association and Mercosur. South Africa, through SADC, has concluded negotiations on Phase I of the tripartite free trade agreement, which includes the CDAA, the East African Community (EAC) and the East and South African Common Market (COMESA) in a free trade area. Presidents Cyril Ramaphosa and Muhammadu Buhari concluded a two-day visit by the Nigerian head of state, deplored the violence and reprisals that followed in Nigeria against South African companies and pledged to deepen trade relations.

As part of government policy, the South African government is seeking to further open its market in order to increase trade and develop more competitive domestic industries. However, in 2006, the South African government made exceptions to this approach to protect the labour-intensive apparel industry. During 2020, the South African authorities took emergency measures to limit all goods and people traffic as a result of the Covid 19 pandemic; These have been partially removed. The dozens of agreements will allow the two countries to weigh in on the recent agreement on the Continental Free Trade Area (AfCFTA) and intensify Nigeria`s efforts to diversify their oil-dependent economy to generate two-thirds of government revenues and more than 90% of export earnings. Nigeria is South Africa`s largest trading partner on the continent, with trade flows estimated at $4.48 billion last year.