The Minister of Trade, Industry and Competition, Mr Parks Tau met with his counterpart, the Algerian Minister of Foreign Trade and Export Promotion, Mr Kamal Rezig in Algiers, Algeria over the weekend. The meeting discussed the implementation of the Memorandum of Understanding (MoU) on Economic Cooperation, and agreed to establish trade routes to improve bilateral trade and market access for both Algerian and South African goods and services.
The MoU was signed in December last year during the Bi-National Commission between Algeria and South Africa. It covers cooperation in trade, industrial development, and infrastructure development.
“The MoU serves as the umbrella instrument from which all other bilateral economic agreements on trade and investment-related matters draw their specific individual mandates. We also proposed the establishment of the Joint Trade and Investment Committee which will act as a platform for the two parties to meet regularly to enable trade and investment facilitation,” said Tau.
He added that South Africa’s commitment to continental integration and its partnership with Algeria and other African nations laid in building a resilient, inclusive, and innovation-driven economy.
“Minister Rezig and I agreed to explore opportunities on each others’ markets to enhance cooperation in oil and gas, automotive, infrastructure development, pharmaceuticals, manufacturing, aviation, agriculture and agro-processing,” he said.
Tau also met with the Algerian Acting Prime Minister, Mr Sifi Ghrieb. They discussed the importance of establishing a business council which will be used as a vehicle to fast-track trade between the two countries.
“The business council will also enhance collaboration and share technical expertise in strategic sectors. We also discussed at length the re-instatement of the South Africa-Algeria air route that will facilitate people-to-people and commercial relations between the two countries,” he said.
The Minister of Trade, Industry and Competition, Mr Parks Tau with Algeria’s Minister of Foreign Trade and Export Promotion, Mr Kamal Rezig in Algiers, Algeria.
The Minister of Trade, Industry and Competition, Mr Minister Parks Tau with Algeria’s Acting Prime Minister, Mr Sifi Ghrieb in Algiers, Algeria.
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