S.Africa and Mexico to deepen trade relations - CNBC Africa

S.Africa and Mexico to deepen trade relations

Southern Africa

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South Africa and Mexico will deepen trade and investment relations by signing a MoU. PHOTOS: Mydestination.com/Mcquilling.com

South Africa’s Department of Trade and Industry’s (the DTI) Trade and Investment South Africa (TISA) division and ProMexico will sign the agreement in Pretoria on Friday.  

DTI’s Minister Rob Davies said that the MoU will enhance the export of South African products to Mexico through more targeted export promotion activities.

“The potential for exporters of South African products and services to Mexico will have the benefit of increased market information, better access and penetration to the Mexican market. This will also enhance the diversification of South Africa’s export destinations as it will facilitate export growth into a fairly new market for South African products,” he said.

He added that the MoU will also promote and facilitate investments between the two countries by providing dedicated information on each region’s investment environment.

(READ MORE: Trade conditions remain tight & in negative territory )

Using the respective countries as manufacturing and distribution hubs, the agreement will also highlight opportunities in supply chains across a number of the countries’ industries.

Davies said that ProMexico and TISA will also develop a plan of action that will include events to promote two-way trade and investment between the two countries

“South Africa and Mexico are emerging economies strategically located as gateways to larger markets in Africa and North America,” said the DTI in a statement.

In 2013, the total trade between the two countries amounts to just under one billion US dollars, with South African exports at 228 million US dollars and imports from Mexico at 772 million US dollars.

(READ MORE: Is the weaker rand really improving S.African trade?)

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