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IOL News reports that Cosatu has welcomed the forthcoming African Growth and Opportunity Act (Agoa) summit in Johannesburg, saying it will boost job creation in a country mired in a deep fiscal crisis.
The Agoa summit will start on 2 November and high-ranking officials from SA and the US will take part in the meeting. The labour federation indicated that, since it had been invited to take part in the summit for the first time together with other unions from Africa and the US, it would place the issue of decent work on the Agoa agenda. Cosatu pointed out that US companies currently operating in SA supported 450,000 jobs in various sectors of the economy and pointed out that Agoa “provides reduced tariff access for large volumes of South African goods to the US market, currently the world’s largest economy. Our mining, manufacturing, and, in particular, auto-manufacturing, clothing, jewellery, and agricultural exports have benefited from this favourable tariff regime.” However, the federation said that while it supported the extension of Agoa, SA’s non-aligned position in geopolitical matters must be respected. It added that SA must also expand its trade relations with BRICS members, Japan, the European Union, and Africa through the African Continental Free Trade Area. Agoa is renewed annually and extended for five-year terms. SA’s retention is currently subject to review as Agoa expires in 2025.
- Read the full original of the report in the above regard by Siyabonga Mkhwanazi at IOL News
- Read too, Cosatu: Agoa must support Africa’s industrialization, at Mail & Guardian (subscriber access only)
Get other news reports at the SA Labour News home page