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Pretoria – South Africa recorded a trade deficit of R73bn with China, International Relations Minister Maite Nkoana-Mashabane said following bilateral talks with her Chinese counterpart Wang Yi in Pretoria on Tuesday.
“Our two governments are working very hard together to address the negative trade deficit and to ultimately attain a more equitable and mutual trade balance that will be beneficial for further development of two countries,” Nkoana-Mashabane said.
She said trade relations between the two countries continued to grow with South African trade exports to China amounted to about R94bn in 2014.
Imports from China on the other hand came to approximately R167bn for a total trade between South Africa and China amounting to R262bn.
The minister said the Joint Working Group held at a ministerial level was established to identify challenges and obstacles that could hinder developmental progress and implementation of objectives.
“Furthermore, it was also established as an avenue for South Africa to find innovative solutions towards addressing the trade deficit,” she said.
Wang said China supported Africa and South Africa in accelerating the process of industrialisation.
“It is a shared aspiration of Africa countries to realise plural development and acceleration of industrialisation,” Wang said.
“China’s industrialisation has entered a stage of matured development where there is a large number of high quality industries that are going from China.
“China has the capacity and conditions to offer Africa help in this process of industrialisation and become its ideal partner.”
He said China hoped to work with Africa to turn the continent’s advantages and resources into real economic strength.
Meanwhile, Nkoane-Mashabane said discussions on Tuesday focused on the implementation of the five to 10 year strategic framework on co-operation as agreed to in Beijing during President Jacob Zuma’s state visit in 2014.
The programme for the Forum on China-Africa Cooperation to be hosted by South Africa in the latter part of 2015 was also on Tuesday’s agenda.
The preparation for the establishment of the Brics New Development Bank, as well as the Africa Regional Centre that will be stationed in South Africa was part of the discussions.
