SA, Uganda Commit to Facilitating Trade, Investment Flows

Posted on January 31st, 2018
Biz News

More funding for informal traders in GautengSouth Africa and Uganda on Tuesday, committed to facilitating trade and investment flows between the two African countries as contained in the Trade Agreement signed in 2002 and in keeping with the principles of the Tripartite Free Trade Area (T-FTA) negotiations, South Africa’s department of trade and industry (dti) said.

South Africa’s Deputy Minister of Trade and Industry, Bulelani Magwanishe and Ugandan Minister of Trade, Industry and Cooperatives, Amelia Kyambadde, pronounced the declaration during the conclusion of the 2nd South Africa-Uganda Joint Trade Committee (JTC), in Pretoria.

Magwanishe said developments from the JTC included charting a roadmap for further cooperation to drive trade and investment and investment flows between the two countries.

“Our Council for Scientific and Industrial Research (CSIR) and the Uganda Industrial Research Institute (UIRI) have already renewed a Memorandum of Understanding (MoU) and have since agreed to collaborate in the areas of agro and food processing, clean production, waste management, product development, Human Capital and Organisational Development,” he said.

Magwanishe reiterated the need for the South African Bureau of Standards (SABS) and the Uganda National Bureau of Standards (UNBS) to strengthen their collaboration on the harmonisation of standards in order to facilitate the smooth flow of trade between the two countries.

He said the collaboration between the Industrial Development Corporation of South Africa and the newly formed Uganda Development Corporation was encouraged.

Kyambadde said it was important to promote private sector to private sector engagements and commended the establishment of the Forum of South African Businesses in Uganda (FOSABU).

“I highly recommend that consideration be given to the formation of an equivalent formation in South Africa and that we develop a mechanism that will enable us to monitor goals achieved by the JTC and that we convene as often as possible instead of the standard once bi-annual period,” she said. (via African News Agency)