More British funds for trade with South Africa and renewed bilateral commitment to post-Brexit trade

British International Trade Secretary (equivalent to Minister in South Africa) Dr Liam Fox announced in Pretoria on Wednesday that his country’s export credit agency, UK Export Finance, has increased the funds available to South African enterprises buying British goods and to British companies exporting to South Africa. The intent is to strengthen bilateral trade after Britain exits the European Union (EU) in 2019 – a process popularly known as Brexit. Fox was in Pretoria to hold talks with his South African counterpart, Trade and Industry Minister Dr Rob Davies. These discussions are the latest in a series of high-level meetings to ensure a smooth continuation of trade and investment relations between the two sides after Brexit. “The UK has been a significant trading partner of SA over the past years and ranks as South Africa’s 7th largest export partner in the world and 2nd largest export partner in the EU region,” highlighted Davies. “There is a need to discuss an arrangement on technical issues in order to ensure smooth trade post Brexit.” He pointed out that, between 2003 and May 2017, the UK had directly invested some R159.01-billion in 333 foreign direct investment projects in South Africa.