Referring to a “developing market” can be misleading, simply because world markets are constantly changing. One international market that is currently in a unique state of flux is based in one of the most remote places of the world.
Continental Free Trade Area
South Africa is doing some big things in the near future. In early February, the African Union announced a three-step plan to develop the Continental Free Trade Area (CFTA) by 2017. While this act is an attempt to unify trade among African countries, the administrators working towards this goal believe that unifying the African markets can lead to economic growth, which will in turn help bring them up as a global economic power. On a global level, the former BRIC (Brazil, Russia, India, China) countries have now formed the BRICS club, welcoming South Africa to the ranks of rapidly growing, international trade markets.
This global initiative seems to be working. The country formed a bilateral agreement with the United Kingdom committed to doubling value-added trade between the two countries by 2015. The UK is also encouraging the CFTA, supporting South Africa as a global trade partner, and advocating for a joint peacekeeping force. The budding growth of the southern country may lead to a strong economic alliance with their European counterpart.
A target for Irish exports
If South Africa is such a hub of new economic activity, what has Ireland been doing to participate? According to Enterprise Ireland, it is a potential trade partner and a target for Irish exports. The country can serve as the Irish gateway into the African continent, with investment from Irish SMEs in the country expected growth of up to 4% by 2015.
South Africa has effectively shown the world its economic potential, placing itself on the map of international trade. With alliances reaching from eastern Asia around the world to the Americas, there is no doubt that the country will experience increasing influence in the global economy.
You can start building partnerships with South Africa through the network of World Trade Centres and World Trade Centre Dublin is there to assist. In partnership with Small Business Can we now bring you a complementary way to prospect and win business in South Africa. World Trade Centre Dublin – Live (WTCD Live) is an interactive platform designed to facilitate global business interactions and trade, where people, knowledge and opportunities come together.
If you are interested in doing business with South Africa, please follow this link.
Post by a Small Business Can Contributor