Any delay in the development of economic ties between South Africa and the Russian Federation could cost the two countries dearly, Russian Resources Minister Yuri Petrovich Trutnev said on Friday.
”Those who are late are losers and we don’t want to be losers,” Trutnev said, referring to the competitiveness of the global trade arena.
He was briefing reporters at the conclusion of a meeting of the joint inter-governmental committee on trade and economic cooperation in Pretoria.
Trutnev and South African Minister of Foreign Affairs Nkosazana Dlamini-Zuma said urgency is required in the establishment of trade deals between the two countries.
”We have not really taken advantage of the potential that exists between the two countries, and it is important that we do so with some urgency,” Dlamini-Zuma said.
The two trade delegations, which have been meeting in Pretoria over the past two days, agreed that further impetus should be given to mutually beneficial bilateral relationships.
It was also agreed that specific relationships should be formed between South Africa’s provinces and the regions of the Russia Federation to promote provincial cooperation.
Other pacts include the joint sub-committee on agriculture agreeing to consider the possibility of exporting Russian grain to South Africa and exchanging technical expertise in the agricultural field.
In March 2003, the Russian Federation adopted a decree to include South Africa in a list of developing countries that will enjoy preferential tariffs and duties with regard to exports to Russia. — Sapa