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Outcome of Brexit vote important for the Western Cape province: Wesgro

The UK was also the number one source of foreign direct investment into the Western Cape and the number one source of foreign tourists in 2017.

The Western Cape’s economy is strongly related to the United Kingdom, meaning the outcome of this week’s Brexit votes are important for the province.

This is according to Wesgro, the official tourism, trade and investment promotion agency for Cape Town and the Western Cape.

After Namibia, the United Kingdom (UK) was the Western Cape’s second largest export market in 2017.

The UK is also South Africa’s 8th largest export market.

The UK was also the number one source of foreign direct investment into the Western Cape and the number one source of foreign tourists in 2017.

This week’s vote in British Parliament will have various consequences for the Western Cape’s goods, depending on how it plays out.

According to Wesgro the SA Parliament may be called upon this week to ratify a new trade agreement between the UK and the Southern African Customs Union plus Mozambique (SACU+M).

The governments of the SACU+M countries have been negotiating an agreement with the UK to ensure trade continuity upon the UK’s exit from the EU.

More: fin24

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