Transfer from: Economic and Commercial Office of the Embassy in the Republic of South Africa
According to the report on the 24-hour website of South Africa News on May 23, Patel, the Minister of Trade, Industry and Competition of South Africa, said that South Africa was considering filing a formal complaint to the World Trade Organization (WTO) against the EU's carbon border adjustment mechanism (CBAM), and hoped to reach an amicable solution with the EU before having to file a complaint. The EU will launch the world's first carbon border tax transition period in October 2023, and will levy carbon border taxes on imported steel, cement, aluminum, fertilizer, electricity and hydrogen from 2026. The Reserve Bank of South Africa reported that the EU is South Africa's largest trading partner, and CBAM may reduce the total export of South Africa to the EU by 4% in 2030.
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