Neighbours sign key deals

THE governments of Namibia and Angola signed two agreements at Walvis Bay on Sunday at the end of a state visit to Namibia by President Jose Eduardo dos Santos.

The two agreements will serve to strengthen investment and trade relations between both countries, according to a joint communique issued at the occasion. The Agreement on Trade and Economic Co-operation will facilitate preferential trade of products between the two countries, said Andrew Ndishishi, Permanent Secretary of the Ministry of Trade and Industry.The Promotion and Reciprocal Protection of Investment Agreement will facilitate investments by investors of the two countries.Ndishishi told members of the press that the agreement paved the way for investment and set out procedures to be followed.This included the protection for the repatriation of profit.The PS called the two agreements “very significant and necessary”.He said as Angola had not yet finalised arrangements to comply with the SADC trade protocol, the trade agreement accorded preferential trade between the two countries until Angola met the SADC requirements.He further said as Namibia was a member of the Southern African Customs Union (Sacu), products from Angola could only remain in Namibia.The Agreement on Trade and Economic Co-operation will facilitate preferential trade of products between the two countries, said Andrew Ndishishi, Permanent Secretary of the Ministry of Trade and Industry.The Promotion and Reciprocal Protection of Investment Agreement will facilitate investments by investors of the two countries.Ndishishi told members of the press that the agreement paved the way for investment and set out procedures to be followed.This included the protection for the repatriation of profit.The PS called the two agreements “very significant and necessary”.He said as Angola had not yet finalised arrangements to comply with the SADC trade protocol, the trade agreement accorded preferential trade between the two countries until Angola met the SADC requirements.He further said as Namibia was a member of the Southern African Customs Union (Sacu), products from Angola could only remain in Namibia.