The United Kingdom (UK) has agreed to an economic partnership agreement with the Southern African Customs Union and Mozambique (SACU+M) that will allow business to keep trading freely after Brexit.
This agreement will be subject to final checks before it is formally signed, the British High Commission to South Africa said in a statement on Wednesday (11 September).
“The agreement allows businesses to continue to trade on preferential terms with South Africa, Botswana, Lesotho, Namibia, Eswatini and Mozambique, “the commission said.
“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 SACU+M nations are 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.
“This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers,” said the UK’s international trade secretary Liz Truss.
“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.
“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.”