The newly signed Economic Partnership Agreement (EPA) between South Africa and the European Union (EU) will boost bilateral trade to the benefit of both sides, Parliament said on Wednesday.

The government and the private sector should capitalize on the agreement, the parliamentary Select Committee on Trade and International Relations (SCTIR) said following a briefing by the Department of Trade and Industry on the agreement, signed earlier this month.

This came after Britain, South Africa's major trading partner in the EU, voted in June to leave the EU.

The potential for value-added products in the manufacturing sector is large and should be properly harnessed to benefit the regional economy, SCTIR Chairperson Eddie Makue said.

"The trade that SA does with EU members presents immeasurable opportunities for a growing and developmental economy such as ours," Makue said.

Total trade between South Africa and the EU increased from 374 billion rand (about 28 billion U.S. dollars) in 2011 to 536 billion rand (about 40 billion dollars) in 2015, an increase of 43 percent.

South African exports to the EU increased from 151 billion rand (about 11 billion dollars) in 2011 to 216 billion rand (about 16 billion dollars) in 2015.

Makue said internal dynamics of the EU had changed very little for South Africa and that the country should exploit trade benefits as much as possible.

The EU remains South Africa's main trading partner.

Source : XINHUA