International Relations and Cooperation Minister Maite Nkoana Mashabane will co-chair the 10th session of South Africa-Russia Intergovernmental Committee on Trade and Economic Cooperation (ITEC) with the Minister for Natural Resources of the Russian Federation, Mr Yuri Trutnev, at the Department of International Relations and Cooperation in Pretoria, from 28 to 29 September 2011.
The (ITEC) is a bilateral cooperation mechanism between South Africa and the Russian Federation, which meets annually to consider technical co-operation between the two countries. The 10th session of ITEC takes place within the context of strengthening North–South dialogue and against the backdrop of solid relations between the two countries.
ITEC consists of ten technical joint sub-committees led by the relevant line function departments as follows:
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Justice
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Trade, Investment and Banking
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Minerals Resources
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Energy
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Transport – Aviation and Maritime
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Education
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Agriculture and Forestry
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Water Affairs
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Science and Technology
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South Africa–Russia Business Council.
South Africa regards the Russian Federation as a strategic partner and close bilateral and multilateral ties exist between the two countries. While there is currently no structured mechanism for political dialogue between South Africa and Russia, ITEC serves as the mechanism for broadening and deepening economic and trade ties.
ITEC tends to be the engine room for the generation of new bilateral agreements and for reviewing and bolstering implementation of those agreements.
Background on ITEC
Since the signing of ITEC in 1993, ITEC has proven to be an effective instrument that has directly contributed to improved two-way trade and investment, as well as critical skills and technology transfers. ITEC has also given practical substance to the political commitment on the part of the two countries to work together, as expressed in the Treaty of Friendship and Partnership signed during President Putin’s visit to South Africa in September 2006. It is envisaged that the 10th session of ITEC will not only address current issues in the evolving bilateral relationship, but that it will also afford an opportunity to identify and map key areas that would require attention in the year ahead.
Trade between South Africa and Russian Federation
January to December 2009 to 2010
| January to December 2009 billion in Rand | January to December 2010 billion in Rand | |
| Export from South Africa to the Russian Federation | 1,507,214 | 2,051,304 |
| Import from the Russian Federation into South Africa | 3,629,970 | 771,510 |
| Total trade turnover: | 2,122,756 | 1,279,974 |
Enquiries:
Clayson Monyela
Cell: 082 884 5974
