Navigating Trade Priorities In A Complex World

New Trade, Industry and Competition Minister Parks Tau took over the role in mid-2024 after South Africas election and has had his work cut out for him as the country manages a complex set of international relationships and priorities.

Under BRICS, South Africa hopes to leverage advantage for trade and investment with the original members of the bloc as well as its new members. China has been South Africas leading trade partner for more than a decade although the relationship is unbalanced, with mostly raw materials going out and manufactured goods coming in.

Tau has also spent time in his new portfolio ensuring that relations with the US run smoothly, highlighting the countrys non-aligned position in global politics. This effort has gained momentum as the deadline for the renewal of the African Growth and Opportunity Act AGOA looms in 2025.

Since 2000 AGOA has provided duty-free access to the US market for the exports of eligible sub-Saharan African countries.

South Africa, the continents most diversified economy, is a major beneficiary and is focused on ensuring the initiative is renewed and that ties with the new administration are strengthened.