South African's Trade Minister told reporters in Pretoria that "we think we have cracked the deal."
South Africa has resolved a dispute with the United States over farm exports, South Africa's Trade Minister Rob Davies has said.
The US threatened to end South Africa's farm product entering its market under its preferential trade programme over the latter's refusal to allow the importation of American chickens.
South Africa has been under pressure to reach agreement with the U.S. to open its market to American chicken and beef products in order to retain preferential trade benefits under the African Growth and Opportunity Act (Agoa)
Davies told reporters in Pretoria that "we think we have cracked the deal."
"We look forward to a strengthening of relations, not just to going back to where they were," Davies told reporters. "We have succeeded in achieving a balance in maintaining the trade opening with the U.S. and the animal health in South Africa."
The trade accord between the U.S. and 39 African countries eliminates import levies on more than 7,000 products ranging from textiles to manufactured items. To remain beneficiaries, countries are required to eliminate barriers to U.S. trade and investment, operate a market-based economy, protect workers’ rights and implement economic policies to reduce poverty, according to Bloomberg.
According to conservative estimate, the deal is worth more than $170m a year to South African farmers exporting citrus fruits, wine and nuts.
Davies told reporters 32,000 jobs depended on Agoa.