South Africa Looks to Deepen Trade Ties with Canada Following G7 Summit

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South Africa is looking to deepen its trade relations with Canada following discussions at the G7 Summit, an annual high profile event that brings together seven of the wealthiest nations in the world.

The Group of Seven (G7) consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, with the seven largest advanced economies in the world, represent more than 62% of the global net wealth ($280 trillion).

South Africa’s President, Cyril Ramaphosa had an opportunity to meet with Canadian Prime Minister Justin Trudeau, on the sidelines of the Summit.

“Canada is an important strategic partner and source of investment for our country,” Ramaphosa said in a statement issued on June 10th, 2018.

G7 leaders recently convened in the Charlevoix region of Quebec to find solutions to pressing global challenges.

“As the 2018 G7 President, Canada put forward a progressive agenda that reflects our values and ambitions,” Prime Minister Trudeau said following the event.

At the Summit, G7 leaders talked about investing in economic growth that works for everyone and preparing people for the jobs of the future. They reaffirmed their commitment to advance gender equality, defend their democracies against foreign threats, and build a more peaceful and secure world. They also discussed climate change, oceans, and clean energy.

Bilateral consultations between SA and Canada are held annually typically focusing on issues relating to foreign policy, trade, defence and economic development.

Canadian government assistance to South Africa focuses on four issues, including: Improved service delivery with a focus on the poor; Institutional capacity building of South African government and civil society organisations’   Improved management of natural resources; and the promotion of high level skills, ethics and integrity within the government.

South African exports to Canada totaled $1.1 billion in 2014 while Canadian exports to South Africa totaled $439.2 million.

Prior to meeting with Prime Minister Trudeau, world leaders and heads of international organizations participated in a special G7 Summit outreach session focused on healthy oceans and resilient coastal communities.

In addition to meeting with the G7 leaders, the Prime Minister held bilateral meetings with Mauricio Macri, President of Argentina and Chair of the G20; Sheikh Hasina, Prime Minister of Bangladesh; Uhuru Kenyatta, President of Kenya; Paul Kagame, President of Rwanda and Chair of the African Union; Macky Sall, President of Senegal; Cyril Ramaphosa, President of South Africa; and Nguyễn Xuân Phúc, Prime Minister of Vietnam.

 

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