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The Department of International Trade Promotion (DITP) has revealed that South Africa has adjusted its trade policy following the US import tariff hike. The department is preparing to expand trade cooperation with Southeast Asian countries, with Thailand one of its targets. The department points to opportunities in sales of agricultural products, food, automotive products, and parts, and is preparing to continue promoting these initiatives in all forms.
Ms. Sunantha Kangwalkulkit, Director-General of the Department of International Trade Promotion, revealed that the department has directed commercial attaches stationed in various countries to explore trade opportunities and export opportunities for Thai products to their countries of residence. Ms. Wichuda Akaramethathip, Director of the Office of International Trade Promotion in Pretoria, South Africa, recently received a report on South Africa’s trade policy adjustments following the US import tariff hike. The department plans to expand trade cooperation with Asian countries, presenting opportunities for Thailand to further expand its trade.
The trade attaché reported that the US is currently imposing a 30% tariff on some products imported from South Africa, which is putting pressure on the country’s agriculture and automotive sectors. The measure is expected to shrink GDP by 0.4% this year and could impact thousands of jobs. South Africa’s export structure still relies on a few key export markets and is overly raw material-based, necessitating a shift to value-added products and expanding into new markets.
South Africa, led by President Cyril Ramaphosa, plans to tour Southeast Asia, starting with Indonesia and Vietnam, before attending the 47th ASEAN Summit as guest of the Chair to discuss trade and investment with countries seen as important markets.
For South Africa’s diversification strategy, particularly Indonesia, Vietnam, Thailand, Malaysia and the Philippines, which are fast-growing economies with large young populations.
Meanwhile, South Africa will accelerate the use of the African Continental Free Trade Area (AFCFTA), which provides access to a market of over 1.3 billion people, noting that South African agricultural products exported to African countries are highly popular and should be further developed using its strong manufacturing, financial, logistics and brand base to make South Africa a top trading partner on the continent.
“South Africa’s policy of expanding trade cooperation with Southeast Asian countries reflects its efforts to reduce reliance on traditional markets and counteract pressures from US trade policy. Thailand presents an interesting opportunity, as it has been directly mentioned as a target market. This could lead to negotiations on cooperation in agricultural products, food, and automotive parts industries. The department will closely monitor the situation and explore avenues to expand trade and investment cooperation between Thailand and South Africa in all forms.”
Read more at: https://www.prachachat.net/economy/news-1918841