Yellen Touts Deeper Ties With South Africa to Help Boost Trade & More Trending News


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(Bloomberg) — The US is looking for to deepen its financial integration with South Africa in pursuit of insurance policies to diversify international provide chains, US Treasury Secretary Janet Yellen stated.

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Closer ties with nations that share the US’s financial values will assist promote so-called friendshoring, during which allies cooperate on manufacturing and sourcing uncooked supplies, Yellen stated at a gathering with South African Finance Minister Enoch Godongwana on Thursday. Her remarks are available in per week during which South Africa defended its impartial stance in Russia’s struggle with Ukraine — within the face of US requires a tougher line — and earlier than the nation conducts naval workout routines with Russia and China’s navy subsequent month.

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“We are deepening economic integration with the many countries that we can count on,” Yellen stated. “That includes our many trusted trading partners on this continent — like South Africa. We believe that this policy can help increase the resilience of both our economies.”

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Read: South Africa Risks Losing Preferential Access to US Market

Yellen additionally stated she’ll talk about with Godongwana efforts to restructure Zambia’s debt. South Africa is a vice chair of Zambia’s collectors committee.

Zambia is seen as a take a look at case for a program organized by the G-20, generally known as the Common Framework, geared toward easing the trail for poor international locations to multilateral debt-relief agreements. China, Zambia’s largest creditor, has repeatedly been blamed for holding up a deal to restructure the nation’s loans.

Read: World Bank Chief Says China’s Actions Delay Zambia Debt Deal

The Treasury chief has put rising stress on Beijing over the difficulty, together with on a stopover within the Zambian capital, Lusaka, earlier this week. Her feedback provoked an offended response from China’s embassy there, which accused the US of “sabotaging other nations’ efforts to solve their debt issues.”

Godongwana stated in October that South Africa, the continent’s solely member of the G-20, is working with different African nations to suggest reforms to the Common Framework. So far 4 international locations — Zambia, Chad, Ethiopia and Ghana — have opted to use the mechanism to rework their obligations.

Yellen is on a 10-day journey via Africa geared toward constructing US ties with the continent. She stated she additionally regarded ahead to discussing with Godongwana potential modifications on the World Bank, pandemic preparedness, South Africa’s financial outlook and energy-sector reforms within the nation.

Yellen Touts Deeper Ties With South Africa to Help Boost Trade

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Yellen Touts Deeper Ties With South Africa to Help Boost Trade

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Yellen Touts Deeper Ties With South Africa to Help Boost Trade

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