The skyline of Johannesburg, South Africa's economic hub, in May 2021. A government of national unity coupled with a confidence-and-supply agreement may find favour with markets, depending on the content of the agreement, and would certainly be preferred over a minority government without such an agreement as far as potential stability is concerned. (Photo: Guillem Sartorio / Bloomberg) 
South Africa has asked the US to consider an early extension of the African Growth and Opportunity Act, which expires in 2025.
But some US lawmakers have pushed the Biden administration to review South Africa’s access to AGOA, amid frustration over the country’s non-aligned position toward Russia’s invasion of Ukraine, and because they deem it too developed to qualify.
Tensions also spiked earlier this year when the US ambassador to South Africa, Reuben Brigety, accused it of supplying arms to Russia — an allegation Pretoria denied.
BRICS leaders from Brazil, Russia, India, China and South African will take part in a summit in Johannesburg next week, with Russian President Vladimir Putin participating virtually.
South Africa, which last year exported $2.7 billion of goods using AGOA and the so-called Generalized System of Preferences, will host an AGOA summit later this year.
Sooklal said that despite sanctions imposed on Russia, many companies continued to do business with the country.
“Everyone is turning a blind eye. This is a complex world we live in and money talks, despite sanctions,” he said.