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S. African cabinet hails trade deal with EU

Xinhua, June 24, 2016 Adjust font size:

The South African cabinet on Thursday hailed a new trade deal with the European Union (EU), which will see more South African agricultural products being exported to Europe.

South Africa, together with Botswana, Lesotho, Mozambique, Namibia and Swaziland, recently signed the Economic Partnership Agreement (EPA) with the EU.

The SA cabinet said in a statement that the EPA was welcomed as it provides improved market access opportunities for South African products, including a significant improvement in quota for wine and new market access for sugar and ethanol.

Under the new agreement, South Africa's duty-free wine exports to the EU are expected to double. The Rules of Origin on clothing have also been simplified and will encourage South African clothing exports to the EU.

The EPA replaces the trade chapter in the Trade Development and Cooperation Agreement, signed in 2000, between the EU and South Africa.

The agreement also provides for the protection of South African geographic indications which include mainly South African wine names, Rooibos and Honeybush tea and Karoo lamb.

The cabinet has submitted the deal to Parliament for ratification.

The EU remains South Africa's main trading partner with total trade of 536 billion rand (about 36 billion U.S. dollars) in 2015.

In addition, a significant portion of South Africa's 216 billion rand (about 15 billion dollar) in exports to the bloc last year were value-added products. Enditem