South Africa’s Department of Trade, Industry and Competition (dtic) and Lesotho’s Ministry of Trade, Industry and Business Development have agreed to enhance trade and investment.

This emanated from a meeting which was held in Pretoria.

The Lesotho Ministry of Trade, Industry and Business Development is currently on a week-long study mission on regulatory frameworks for indigenous plants and mechanisms to leverage trade agreements, including the Southern African Development Community-EU Economic Partnership Agreement, as well as to exchange experiences on how best to leverage trade agreements to promote growth and development.

According to dtic trade deputy director-general Ambassador Xolelwa Mlumbi-Peter, the importance of sharing resilience-building strategies amid the seismic shifts in global trade is timely and can also enhance the buoyancy of the region.

The dtic notes that the Mission follows the signing of the memorandum of understanding (MoU) on economic cooperation that has been negotiated and signed by the trade and industry Ministers of both sides during the Bi-National Commission earlier this year.

The department says the MoU offers a good platform to facilitate greater cooperation between the two countries, promote exchange of experiences in a manner that promotes mutually beneficial trade and investment relations.

“We welcome the commitment between our two countries to work together to diversify production and to leverage trade agreements that the Southern Africa Customs Unions is party to, that provide a good platform to access global markets,” said Mlumbi-Peter.

The two sides also agreed to enhance cooperation on standards and on cross-border value chains in identified sectors such as automotive; clothing and textiles; cosmetics and essential oils; cannabis, fruits and vegetables; and leather and meat products.

Further, the dtic notes that both parties agreed to prioritise the implementation of the African Continental Free Trade Area, and to work together towards the conclusion of outstanding negotiations, particularly in sectors such as clothing, textiles and automotives that provide potential benefits to grow the economies of both sides.