Guest Contributor | Aug 30, 2019 | 0
UK keen to continue trade with Namibia, SACU after Brexit
Namibia together with other countries from the Southern African Customs Union and Mozambique (SACU+M)), are set to continue business trading in the UK after Brexit, following the initialling of an Economic Partnership Agreement this week.
The Department for International Development (DFID) in a statement on their website said this marks the end of formal trade discussions and the UK-SACU+M Economic Partnership Agreement will be subject to final checks before it is formally signed.
“This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers,” International Trade Secretary, Liz Truss said in the statement.
“As well as benefiting British businesses, this will also support developing countries in reducing poverty through trade. They will be able to grow their economies, create jobs and increase incomes for their citizens,” she added.
According to the statement the agreement allows businesses to continue to trade on preferential terms with South Africa, Botswana, Lesotho, Namibia, Eswatini and Mozambique. It also supports the economic development of these Commonwealth partners laying the foundations for new trade and investment in the future.
This will help to strengthen further the trading relationship between the UK and SACU+M nations, which was worth £9.7 billion last year, the statement added.
Meanwhile the statement highlighted that the SACU+M nations were an important market for UK exports of machinery and mechanical appliances worth £409 million in 2018, motor vehicles worth £335 million, and beverages including whisky worth £136 million.
According to the department, consumers and businesses in the UK will continue to benefit from more choice and lower prices on goods imported from SACU+M countries.
Major imports to the UK from these countries last year included edible fruit and nuts (£547 million) and motor vehicles (£409 million), the department noted.
Trade continuity agreements signed cover countries accounting for £89 billion of the UK’s trade.
When the SACU+M agreement is signed and takes effect, this will go up to £99 billion, the statement added.
“This is a major milestone as the UK prepares to become an independent trading nation once again, and we are helping businesses get Ready to Trade with the most exciting markets around the world,” Truss added.