SA gets trade preference with Russia
Foreign Minister Dr Nkosazana Dlamini-Zuma on Thursday welcomed South Africa's preferential trade status with Russia, which reduces tariffs by about 25 percent.
Foreign Affairs spokesperson Ronnie Mamoepa said South Africa was added to the Russian Federation's list of developing countries enjoying preferential trade status by a decree of March 18. The decree becomes effective from April 1.
Mamoepa said the decree resulted from the second session of the joint inter-governmental committee on trade and economic co-operation between South Africa and Russia, held in Pretoria in November 2002 and co-chaired by Dlamini-Zuma and Russia's Deputy Prime Minister Valentina Matviyenko.
This decree creates the necessary prerequisites for further substantial growth in the bilateral trade between the two countries.
In general terms South African exports to the Russian Federation will now enjoy a 25 percent reduction in import tariffs.
In essence this will open up the lucrative Russian market to the South African private sector.
"The granting of preferential trade status to South Africa provides further impetus to the agreement reached between President Thabo Mbeki and President Vladimir Putin to enhance economic and trade relations between the two countries," Mamoepa said.
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