Business Unity SA (Busa) on Thursday welcomed the signing of a new trade pact between South Africa and the US.

“Busa also supports other agreements and programmes that seek to expand trade and investment between South Africa and the United States,” CEO Nomaxabiso Majokweni said.

Trade and Industry Minister Rob Davies and US Trade representative Ron Kirk endorsed a Trade and Investment Framework Agreement (Tifa) on Monday.

The other agreements included the African Growth Opportunity Act and the Generalised System of Preferences. The latest agreement amended the Tifa signed in 1999 and sought to deepen the US-SA trade and investment relationship.

“It also provides for an annual forum that will address specific business challenges and will help enhance the trade and investment relationship between the two countries,” Majokweni said. - Sapa