Pretoria - South Africa and Chile are set to advance bilateral, political, economic and trade relations at their 4th Joint Consultative Mechanism (JCM) meeting.
International Relations and Cooperation Deputy Minister Ebrahim Ebrahim will co-chair the meeting with his Chilean counterpart, Fernando Schmidt, in Pretoria on Friday.
"Issues to be addressed during the meeting will include global issues such as multilateral cooperation and regional developments. South Africa is a major foreign investor in Chile and will use the opportunity to address bilateral issues pertaining to cooperation in trade and investment, public works, and the avoidance of double taxation, amongst others," said International Relations and Cooperation on Tuesday.
The JCM serves a constructive purpose in the on-going political dialogue between the two countries at bilateral, regional and multilateral levels," said the department.
Relations with Chile are cordial and can be characterised as mutually supportive and amicable. South Africa remains one of the largest foreign investors in the Chilean mining sector.
However, the trade balance between South Africa and Chile is currently in favour of Chile.
To address this, there is a proposed Memorandum of Understanding for the establishment of a Joint Bilateral Trade and Investment Commission that would assist in the equalisation of trade balances between the two.
"In addition, an Avoidance of Double Taxation Agreement between the two countries has been negotiated and is ready for signature, which, when implemented, will make investments in South Africa more attractive for Chilean business," added the department.
The last JCM meeting between Chile and South Africa took place in Chile in 2008.
