JOHANNESBURG, Oct. 29 (Xinhua) -- South Africa is preparing for any eventuality concerning the African Growth and Opportunity Act (AGOA) while continuing to engage with the United States on trade, International Relations and Cooperation Minister Ronald Lamola said Wednesday.
The United States reviews beneficiary countries' eligibility for AGOA annually. South Africa's Department of Trade, Industry and Competition said Wednesday that the results of the review are expected on Nov. 2.
Addressing the launch of the Global Africa Research Initiative at the University of the Witwatersrand in Johannesburg, Lamola said the United States is one of South Africa's largest trading partners, with bilateral economic relations supporting thousands of jobs in the country.
South Africa continues to negotiate to secure the best possible outcomes for both sides, he said.
"Dialogue is indispensable, regardless of how difficult the atmosphere may be. We are, however, preparing for any eventuality concerning AGOA," Lamola said.
He stressed that South Africa's foreign policy must advance its economic interests and domestic development priorities by strengthening trade with traditional partners, expanding into new markets and negotiating favorable terms for its exports.
Lamola also highlighted the role of BRICS in diversifying South Africa's economic partnerships and expanding trade and investment, saying South Africans expect tangible economic benefits from the country's international partnerships.
Established in 2000, AGOA grants eligible African countries duty-free access to the U.S. market for selected products, including vehicles, clothing and agricultural goods. ■