Pretoria – South Africa’s ITEC with Russia remains an effective instrument in contributing directly to improved two-way trade and investment between the two countries, says International Relations and Cooperation Minister Maite Nkoana-Mashabane.
The Minister co-chaired the 12th Intergovernmental Committee on Trade and Economic Cooperation (ITEC) session -- which is a structured mechanism aimed at improving trade and economic relations between South Africa and the Russian Federation -- with Russian Minister of Natural Resources and Environment Sergey Donskoy, in Pretoria.
“Since 1999 it has proven to be an effective instrument in contributing directly to improved two-way trade and investment as well as critical skills development and technology exchanges between our two countries,” she said at a joint media briefing on Friday.
South Africa hosted the ITEC Sub-Committees in the sectors of trade, investment and banking, energy, agriculture forestry and fisheries, among others.
She described discussions between the two nations as fruitful, adding that more could be done between the two countries.
“An important element of our discussions focused on the need to match our excellent political partnership with strong economic and commercial relations in terms of substantive trade and investment in high value added and high technology sectors,” the Minister said.
She was also aware that there is a huge appetite in Russia for South African agro produce.
“There is still room for improvement in trade relations between South Africa and Russia,” she added.
South African exports to Russia increased from R1.4 billion in 2009 to R3.8 billion in 2013, while total imports from Russia amounted to R3.6 billion in 2013.
South Africa noted that there is great potential for trade gains with Russia, especially in the automotive, agro processing and mining sectors as well as regarding food and citrus products.
“South Africa is grateful for the constructive participation by Minister Donskoy and his delegation,” said Minister Nkoana-Mashabane.
Donskoy said that despite the challenging economic climate, trade is increasing between the two countries.
“There is great potential for cooperation in different fields,” he said.
The next ITEC will be held next year. - SAnews.go.za
