International Profile: South Africa
Risk Management; New York › Vol. 56 Nbr. 2, March 2009
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Summary
From 2005-2007, the South African economy held up well with growth at 5% due to the tightening of monetary policy, investments and dynamic household consumption. South Africa's trade liberalization began in 1990 and gathered speed after the country's WTO accession in 1994. Since then, customs duties have been slashed, something that has been facilitated by the Trade, Development and Cooperation Agreement signed between the European Union and South Africa in 1999. The South African Bureau of Standards cooperates with a large number of similar international bodies to harmonize technical standards and regulations. International standards, such as ISO, IEC and a number of European standards, are recognized by the bureau, but must still be approved by it. The provisions for transfers by nonresidents in connection with ordinary business have been liberalized. For residents, however, the regulations for both capital and ordinary business transactions have become more restrictive, although transactions destined for Africa are allowed greater latitude.
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Extract
International Profile: South Africa
From 2005-2007, the South African economy held up well with growth at 5% due to the tightening of monetary policy, investments and dynamic household consumption. This growth rate is expected to drop below 3% in 2009, however, as South Africa contends with an energy crisis attributed to a sho...
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