Governor of the Reserve Bank, Tito Mboweni and Cosatu General Secretary Zwelinzima Vavi discussed the issue of import quotas to bring solution after their spat over the issue.
During the meeting, both discussed the issue of China's trade with South Africa, Africa and the entire world and agreed that import from China has surged quite significantly in the last four years.
After hectic negotiations for more than a year, a pact has been finalized that limits the import of certain clothing and textile from China and will come in effect from next month for a period of more than a year.
A plan named as Customised Sector Programme will soon be launched to upgrade the industry to benefit from the trade pact between South Africa and China on textile and clothing. Both leaders agreed that local textile industry should become competitive to face the onslaught of Chinese imports.
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