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Johannesburg - While a long, hard road lies ahead for economic recovery, there is cautious hope for South Africa as the improvement of trade with the East is a positive sign, South Africa's Finance Minister, Pravin Gordhan, said on Sunday.
Gordhan had just returned to the country, together with the deputy governor of the central bank, Dr Renosi Mokate, from the weekend G-20 meeting.
He said, in answer to a question from I-Net, that the nature of global trade was changing with a lot of the emphasis shifting from the West to the East, thus putting SA in a good position.
"Countries agreed to achieve balanced and sustainable growth. In effect this means that high deficit countries would increase their savings, and high surplus countries would increase domestic demand," he said.
"Efforts to increase international trade, effect structural reforms, deepen financial markets and avoid protectionism would also be implemented," he said.
- I-Net Bridge