The UK has initialled an economic partnership agreement with the Southern African Customs Union and Mozambique (SACU+M) that will allow the business to keep trading freely after Brexit
The agreement allows businesses to continue to trade on preferential terms with South Africa, Botswana, Lesotho, Namibia, Eswatini and Mozambique.
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 US$12bn last year.
Liz Truss, International Trade Secretary, said, “This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers.”
Truss also noted that in as much the trade agreement will be benefiting British businesses; it will also support developing countries in reducing poverty through trade.
Katy Ransome, the UK High Commissioner to Botswana added, “This agreement in principle demonstrates our 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 £9.7 billion trading relationship, allowing our businesses to continue supporting our mutual prosperity and economic development.”
Wilson Del Socorro, global director of Government Affairs for Diageo PLC, stated, “International trade is vital to Diageo as it allows us 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.”
