Times Of Swaziland: UK TO CONTINUE TRADE WITH ESWATINI

UK TO CONTINUE TRADE WITH ESWATINI
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BY KWANELE DHLADHLA    on 12/09/2019 00:22:00


MBABANE – Good news! Eswatini’s continued access to the United Kingdom was
guaranteed when the UK initialled an Economic Partnership Agreement with the
Southern African Customs Union (SACU) and Mozambique (SACU+M) that would allow
business to keep trading freely after Brexit.
SACU and Mozambique initialled the final texts on Sunday and Monday in Gaborone,
Botswana. Meanwhile, the UK initialled the texts on the Tuesday.
British High Commission Media Liaison Officer Fortunate Xaba explained that this
marked the end of formal trade discussions and the UK-SACU+M Economic
Partnership Agreement which would be subject to final checks before it gets
formally signed.
Xaba pointed out that the agreement allows businesses to continue to trade on
preferential terms with South Africa, Botswana, Lesotho, Namibia, Eswatini and
Mozambique. She said it supports the economic development of the commonwealth
partners laying the foundation for new trade and investment in the future.
It has also been anticipated that this would also help to strengthen further the
trading relationship between the UK and SACU+M nations, which was worth
approximately E155.2 billion (£9.7 billion) last year.
Xaba mentioned that the SACU+M nations were an important market for UK exports
of machinery and mechanical appliances worth E6.5 billion (£409 million) in
2018, motor vehicles worth E5.6 billion (£335 million), and beverages including
whisky worth around E2.1 billion (£136 million).
Courtesy of the agreement, consumers and businesses in the UK would 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 and motor vehicles.
International Trade Secretary Liz Truss was reported to have said: “this trade
agreement, once it is signed and takes effect, will allow businesses to keep
trading after Brexit without any additional barriers. As well as benefitting
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.”
major
Truss added that this was a major milestone as the UK prepared to become an
independent trading nation once again.
Katy Ransome, the UK High Commissioner to Botswana, said the agreement in
principle demonstrated their commitment to increasing trade with developing
countries and boosting economies across Southern Africa and the UK.
“This new agreement, once it is signed and takes effect, ensures continuity in
our E155.2 billion (£9.7 billion) trading relationship, allowing our businesses
to continue supporting our mutual prosperity and economic development,” said
Ransome.
Wilson Del Socorro, Global Director of Government Affairs for Diageo PLC, added:
“Diageo warmly welcomes the news of a UK-Southern African Customs Union and
Mozambique agreement in principle.
International trade is vital to Diageo as it gives us the opportunity to reach
more consumers and markets around the world. Africa is an important growth
region for Diageo, including export markets like South Africa for Scotch
whisky.”
Diageo is one of the world’s largest producers of spirits and beers.