Economics
Biggest Global Trade Zone May Boost South Africa, Ramaphosa Says
- Nations yet to sign tariff concessions; start date is July 1
- South Africa is the main contributor to intra-African trade
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South African President Cyril Ramaphosa is hopeful an agreement that could see the continent become the world’s largest free-trade zone will boost the country’s sluggish economy. But the targeted start date is fast approaching and nations have yet to agree to any tariff concessions.
The African Continental Free Trade Area, will be a “game changer” for South Africa, Ramaphosa said in his weekly letter to citizens Monday. Africa’s most-industrialized economy is “well-placed” to benefit due to its established manufacturing base, developed infrastructure and deep financial markets, he said.