Johann Rupert, chairman and founder of Richemont, said the extension of a trade pact that gives South Africa and more than 30 other nations from the continent duty-free access to the world\u2019s biggest economy is vital for his home country.<\/p>\n\n\n\n
Rupert, South Africa\u2019s richest person, who this month facilitated a call between US President-elect Donald Trump and South African President Cyril Ramaphosa, said the continent\u2019s most industrialized nation needs to be part of the African Growth & Opportunity Act, which expires in September.<\/p>\n\n\n\n
\u201cOur automobile industry, our farmers, our exports \u2014 we will have a serious blow to the economy if we lose AGOA,\u201d Rupert said at a forum in Stellenbosch, South Africa, on Thursday. <\/p>\n\n\n\n
\u201cI will try to use whatever little influence I have to try and keep AGOA intact.\u201d<\/p>\n\n\n\n
There are concerns that South Africa may lose its access to AGOA after it raised US ire by refusing to condemn Russia\u2019s invasion of Ukraine and took Israel to the International Court of Justice over accusations of genocide in Gaza. <\/p>\n\n\n\n
That\u2019s led some US lawmakers to call for a review of trade ties with the nation.<\/p>\n\n\n\n
A clause in the pact \u201csays no member who\u2019s a beneficiary of a government should act against the best interests of the United States,\u201d Rupert said. <\/p>\n\n\n\n
\u201cNow South Africa, certainly in the view of these bilateral Republicans and Democrats, we were not acting in the best interests of the United States.\u201d<\/p>\n\n\n\n
Still, Trump\u2019s planned appointments to posts that deal with trade are \u201cbalanced people,\u201d Rupert said.<\/p>\n\n\n\n
AGOA was enacted in 2000 and has since been at the core of US trade and investment policy with sub-Saharan Africa.<\/p>\n\n\n\n
Two-way trade between the US and countries that qualify for market access under AGOA exceeded $46 billion in 2022, with $30 billion worth of goods shipped to the US in that year. <\/p>\n\n\n\n
As much as $10.2 billion worth of goods traded under the preferential trade access program.<\/p>\n\n\n\n
Rupert\u2019s Richemont manages brands including Cartier, Vacheron Constantin, Jaeger-LeCoultre and Van Cleef & Arpels.<\/p>\n\n\n\n