Denmark is expected to improve trade relations with South Africa following a meeting between the two countries’ trade ministers.
Department of Trade and Industry (dti) Minister Rob Davies held a meeting with Danish Minister of Trade and Development Cooperation, Mogens Jensen, on Monday in Cape Town. Denmark is set to improve trade with South Africa by 50%. Minister Jensen said that they see South Africa as a port to the rest of Africa with 27 000 Danish citizens visiting South Africa yearly.
Minister Jensen also said that they would like to have a direct flight connection to Denmark. South Africa and Denmark’s bilateral trade and investment relations are governed by the European Union and South Africa, Trade, Development, and Cooperation Agreement.
Total trade between South Africa and Denmark have steadily been on the increase with total trade at R2.9bn in 2009 having increased to R3.4bn in 2011. In 2013, total trade increased to R4.8 billion.
“The total exports to Denmark from South Africa increased from R1bn in 2009, R1.4bn in 2011, with the exception of 2010(R917m), 2012 (R1bn) and 2013(R890m). The decrease in total exports from South Africa to Denmark in 2012 and 2013 can be attributed to decline in external demand, due to slow recovery in the EU (28),” said Minister Davies.
The Ministers also discussed amongst others Bilateral Investment Treaties and the Tripartite Free Trade Area.
On the Tripartite Free Trade Area, Minister Davies said that the approach is developmental and has three pillars, namely Infrastructure Development, Industrial Development and Market Integration. He further added that the Tripartite Free Trade Area will be launched next month.
- Well engineered spaces inspire academic excellence
- Joburg’s traffic wardens have been given extra powers – here’s what they can do now
- Know the difference between customer service and customer experience
- Behold, Discovery Bank!
- SA municipalities expect budget deficit of R4.7bn in 2018/19 - National Treasury