PRESIDENT RAMAPHOSA CALLS FOR NARROWING OF SA, CHINA TRADE DEFICIT

Mon 02 September 2024:

Beijing, China – While China is South Africa’s largest trading partner globally, President Cyril Ramaphosa has called for the narrowing of the trade deficit that exists between both countries.

Delivering opening remarks during the official talks with Chinese President Xi Jinping on Monday in Beijing, President Ramaphosa emphasised the importance of addressing the structure of South Africa’s trade.

“We have witnessed an increase in our bilateral trade. However, as South Africa, we would like to narrow the trade deficit and address the structure of our trade,” the President said.

__________________________________________________________________________

https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22

__________________________________________________________________________

China is South Africa’s largest trading partner globally, while South Africa is China’s number one trading partner in Africa. Total bilateral trade grew from R614 billion in 2022 to R692 billion in 2023.

“As we enter a new phase of our partnership, we should continue to consult closely in pursuit of a just, equitable and prosperous world.

“I believe that our elevated levels of mutual trust will accommodate each other’s interests, views and concerns – and deepen our cooperation as we build a shared future,” the President said.

President Ramaphosa is on a State Visit to the People’s Republic of China where he will also participate at the Forum on China – Africa Cooperation Summit (FOCAC).

South Africa and China’s bilateral relations are maintained at the level of a Comprehensive Strategic Partnership (CSP), underpinned by a Ten-Year Strategic Programme of Cooperation (2020 – 2029).

President Ramaphosa welcomed the proposal to upgrade the Comprehensive Strategic Partnership to an All-Round Strategic Cooperative Partnership in a New Era.

“This will elevate our mutually beneficial political and economic ties for the benefit of both our countries and our people.

“We were encouraged by the inward procurement mission of Chinese companies last year. We urge for more sustainable manufacturing and job-creating investments,” the President said.

He said the development cooperation between the two countries continues to grow, covering many areas.

“Our two countries share many common objectives. Building on the firm foundation of solidarity, we continue to provide support in promoting our interests, those of the African Continent and the Global South.”

The newly formed Government of National Unity continues to place the achievement of the African Union’s Agenda 2063 and the pursuit of a better Africa and world at the centre of its foreign policy.

“As our history demands, South Africa will continue to pursue progressive internationalism. We remain firmly committed to the One China Policy.

“South Africa will use the opportunity of hosting the G20 Summit next year to focus global attention on the developmental challenges confronting Africa and the countries of the Global South,” President Ramaphosa said.

– By Nosihle Shelembe | SAnews.gov.za

______________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22