As part of BIS Review 66/1997  -4-  this policy, the remaining exchange controls still applicable to certain outward investments of capital by South African residents will be phased out gradually; a programme of reducing excessive tariff protection is now being implemented to liberalise international trade relations; new international trade treaties are being negotiated, for example with the European Union and countries in the Southern Africa Development Community; and a privatisation programme has recently been launched with the sale of a large share of Telkom, the South African telecommunication organisation, to a foreign consortium.
Foreign financial institutions are already very active in sharing in the new opportunities for expanding business in South Africa. There are now 17 foreign banks with branches or subsidiaries operating in the country, and 58 other foreign banks competing in the South African financial markets through local representative offices.