South Africa says ‘on track’ to stay in US trade pact

South Africa on Friday vowed to beat a deadline set by US President Barack Obama to eject it from a preferential trade pact that provides key support for its weakening economy.

Obama, citing continuing barriers to US exports into South Africa, said Thursday that in 60 days the US would suspend the duty-free treatment that South African farm products have enjoyed for 15 years.

But Pretoria said it was making progress towards opening up to US imports, including the creation of a special quota for US poultry.

“South Africa believes that it is on track to meet the December 31 deadline to resume imports of US poultry into South Africa,” said a statement issued by the country’s trade and industry department.

The continent’s most advanced economy has enjoyed preferential access to the US market, along with dozens of other countries covered by the African Growth and Opportunity Act (AGOA).

AGOA was created in 2000 to help boost exports from African countries deemed to be democratic and applying good economic governance.

If South Africa failed to meet the deadline, farmers could suffer substantial losses in export revenue, compounding problems for the slowing economy.

In 2013, the country shipped $253 million worth of agricultural products to the United States.