South Africa starts preferential trade with Egypt as a result of joining BRICS
After South Africa stated that preferential trade under the free trade agreement with Egypt would begin, Egyptian media said that Egypt had already seen the first benefits of joining the BRICS group.
Economic Cooperation and Trade Volume
She said that this matter starts a new age of economic cooperation and makes it possible for Egypt and South Africa to trade more. There are many chances to work together, especially now that Egypt is a member of the BRICS group of countries.
Trade Exchange Figures
According to government records, the Central Agency for Public Mobilization and Statistics kept track of how much trade there was between Egypt and South Africa and found that it reached In 2021, Egypt sent $128.9 million worth of goods to South Africa, up from $75.2 million in 2020. This is an increase of 71.5%, or $53.7 million. In the same year, Egypt bought $88.2 million worth of goods from South Africa, up from $83.3 million in 2020, which is an increase of 5.8%, or $4.9 million.
Investment from South Africa
About $74.6 million worth of South African investments were made in Egypt in the fiscal year 2019/2020, up from $10.6 million worth of investments in the same year the previous year. This is a rise of about $64 million, or 600.5%.
List of Traded Goods
About 5 goods are on the list of goods that Egypt and South Africa trade with each other that are very important to their business. The first things that Egypt sent to South Africa were plastics and their products. Next came fruits, then inorganic chemical products, sugar and sugar products, and finally veggie preparations. On the other hand, Egypt bought cars, tractors, and bicycles from South Africa. It also bought copper and its goods, cast iron “Zhahr,” different chemicals, and finally boilers and machinery.
Continental Free Trade Area Launch
The launch of the African Continental Free Trade Area on January 31 will be a historic event and an effective way to boost trade on the African continent. South African goods will be shipped to party states of the African Continental Free Trade Area that are participating in the Directed Trade Initiative, such as Ghana. This is where South Africa is starting a “preferential trade” program under the African Continental Free Trade Agreement with Egypt, Rwanda, and Tunisia. The program will start at the port of Durban.