Pretoria: The Department of Trade, Industry and Competition (dtic) and the Lesotho Ministry of Trade, Industry and Business Development have agreed to enhance trade and investment to advance shared interests. This agreement emerged from a significant meeting held in Pretoria on Tuesday.
According to South African Government News Agency, the Lesotho Ministry is engaged in a week-long Study Mission focused on the Regulatory Framework for Indigenous Plants and mechanisms to leverage trade agreements. This includes the Southern African Development Community (SADC)-European Union (EU) Economic Partnership Agreement. The mission aims to exchange experiences on leveraging trade agreements to promote growth and development.
Deputy Director-General of Trade at the dtic, Ambassador Xolelwa Mlumbi-Peter, emphasized the importance of sharing resilience-building strategies amid the global trade shifts. These strategies are seen as crucial for enhancing the region’s economic buoyancy.
The mission follows the signing of a Memorandum of Understanding (MoU) on Economic Cooperation, negotiated and signed by the Trade and Industry Ministers of both countries during the Bi-National Commission (BNC) earlier this year. The MoU provides a platform for facilitating greater cooperation, promoting mutually beneficial trade, and investment relations.
Ambassador Mlumbi-Peter expressed enthusiasm about the commitment between South Africa and Lesotho to diversify production and leverage trade agreements that the Southern Africa Customs Union (SACU) is part of. These agreements offer a platform for accessing global markets.
Both sides have also agreed to enhance cooperation on standards and cross-border value chains in sectors such as automotive, clothing and textiles, cosmetics and essential oils, cannabis, fruits and vegetables, and leather and meat products.