The Department of Trade, Industry and Competition (the dtic) and the Lesotho’s Ministry of Trade, Industry and Business Development have agreed to enhance trade and investment, to advance shared interests. This emanated from a meeting which was held in Pretoria.
The Lesotho Ministry of Trade, Industry and Business Development is currently on a week-long Study Mission on Regulatory Framework for Indigenous Plants and mechanism to leverage trade agreements, including the Southern African Development Community (SADC)– European Union (EU) Economic Partnership Agreement. As well as, to exchange experiences on how best to leverage trade agreements to promote growth and development.
According to the Deputy Director-General of Trade at the dtic Ambassador Xolelwa Mlumbi-Peter, the importance of sharing resilience building strategies amid the seismic shifts in global trade is timely and can also enhance the buoyancy of the region.
The Mission follows the signing of the Memorandum of Understanding (MoU) on Economic Cooperation that has been negotiated and signed by the Trade and Industry Ministers of both sides during the Bi-National Commission (BNC) earlier this year. The MoU offers a good platform to facilitate greater cooperation between the two countries, promote exchange of experiences in a manner that promotes mutually beneficial trade and investment relations.
“We welcome the commitment between our two countries to work together to diversify production and to leverage trade agreements that the Southern Africa Customs Unions (SACU) is party to, that provide a good platform to access global markets,” said Mlumbi-Peter.
The two sides also agreed to enhance cooperation on standards and on cross-border value chains in identified sectors such as automotive; clothing and textiles; cosmetics and essential oils; cannabis, fruits and vegetables; and leather and meat products.
Furthermore, the two sides agreed to prioritise the implementation of the African Continental Free Trade Area (AfCFTA), and to work together towards the conclusion of outstanding negotiations, particularly in sectors like clothing, textiles and automotives that provide potential benefits to grow the economies of both sides.
Delegates at the South Africa-Lesotho meeting: From left to right: Ms Malineo Seboholi, Director of Trade at Lesotho Department of Trade, Industry and Business Development, Mr Calvin Phume, the Director of Africa Bilateral at the Department of Trade, Industry and Competition (the dtic), Ms Palesa Matobako, the Principal Secretary at Lesotho Department of Trade, Industry and Business Development, Mr Simphiwe Hamilton, the dtic Director-General of and Ambassador Xolelwa Mlumbi-Peter, the Deputy Director-General of Trade at the dtic..
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