The South African Government is committed to a policy of further economic liberalisation and the integration of the South African economy in the global markets.
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.