South Africa proposed a new law to safeguard investors’ interests after ending more onerous bilateral treaties with some trading partners, a change the main opposition party says could dent confidence in Africa’s largest economy.
Brazil, Russia, India, China and South Africa are unlikely to agree on starting a common foreign-currency pool to ward off balance-of-payment or currency crises at a meeting next week, South African Trade Minister Rob Davies said.
South Africa’s recovery from its first recession in 17 years remains fragile and uneven, and structural changes are needed to place the economy on a sustainable growth path, Trade Minister Rob Davies said.
South African Trade Minister Rob Davies said there is a “very widely held view” that the country needs a more competitive and stable currency, and a decline in the value of the euro is hurting exports.
South Africa won’t support a scaled- down version of World Trade Organization talks that departs from the developmental mandate of the Doha round of discussions, Trade and Industry Minister Rob Davies said.