Posted: 01.02.2023 14:14:00

EAEU plans to create Eurasian industrial zone in South Africa

The Eurasian Economic Union and South Africa will discuss the creation of a Eurasian industrial zone in southern Africa, following an agreement reached at a meeting of the member of the Board (Minister) for Industry and Agro-Industrial Complex of the Eurasian Economic Commission, Artak Kamalyan, with the Ambassador of the Republic of South Africa to Russia and Belarus, Mzuvukile Jeff Maketuka, the EEC press service reports

"The EEC Minister proposed to work out the issue of creating a Eurasian industrial zone on the territory of South Africa, which will become an entry point to the markets of the African continent that have not yet been mastered by the EAEU producers. Mr. Kamalyan noted that holding investment events with the involvement of representatives of the private sector of the EAEU countries and South Africa under the co-ordination of the Eurasian Economic Commission will enhance mutual trade and increase turnover between the countries," the source said.

The parties discussed a number of issues related to establishing interaction and expanding areas of co-operation, increasing trade volumes, organising and conducting mutual business missions between the states of the Eurasian Economic Union and South Africa, as well as joint participation in international events.

They also exchanged information on the conditions of access of agricultural products to the markets of integration economic associations (EAEU and the African Union), including the supply of South African products to markets of the Eurasian members states, on the effective functioning of the EAEU free trade zones with a number of countries.

"The parties agreed that – in order to implement the agreements reached – consultations between representatives of the EEC and interested authorised officials of South Africa will become the first step. As a result, the parties are likely to reach a new level of exchange of successful agricultural production practices, solving problems of creating modern competitive industrial and agro–industrial complexes, increasing the volume of mutual trade," the press service added.