Countries With Trade Agreements With South Africa

With regard to South Africa`s total trade (exports + imports) with the rest of the continent; Namibia (13%), Botswana (12%), Nigeria (12%) and Mozambique (12%) are South Africa`s main African trading partners. [8] During apartheid, South Africa`s foreign trade and investment were affected by sanctions and boycotts of other countries ideologically opposed to apartheid. In 1970, the United Nations Security Council adopted Resolution 282, which imposed a voluntary arms embargo on South Africa, and was extended by subsequent Resolutions 418 and 591, which made the embargo mandatory. In 1978, South Africa was banned from lending by the U.S. Export Import Bank, followed by a ban on IMF lending in 1983. In 1983, OPEC imposed an oil embargo that was tightened by Iran in 1979. South Africa already signed a major free trade agreement with the European Union in 1999. The asymmetrical nature of the Economic Partnership Agreement (EPA) means that African signatories do not have to react with the same degree of market openness that the EU offers. Since the EU and South Africa concluded a Development and Trade Cooperation Agreement (TDCA) in 1999, the two sides have maintained a strong and growing trade relationship. . . .