South African exports. Japan bane the import of South African iron and &eel but import8 large quactitiee of iron ore. The United Statee cootinuee to import South African uranium hexefluoride which it considers ee falling outside ita ban on “uranium ore and oxide”. 56. Barter, counter-trade and joint marketing are on the rice as companiee and the Government of South Africa take advantage of loopholes in regulations that do not prevent locally registered companies from trading in sanctioned goods in third countries or on the high 8888. Sanctions-busting is also a result of the expansion of South African investment abroad (see Annex). Europe is the main destination, with 34.8 par cent going to n5ti countries and 3.2 per cent to “other” European countries mainly Switzerland. Outward investment influences key markets for South African goods aud improves access to new technologies, eesential conrmodities and finance, aLI of which are of /... A/45/552 English Page 19 etrategic importance to the survival of the gggH&&l regime. The Commonwealth agreement of AuSuet 1986 refers only to majority-owned South African companies and to those baeed in South Africa. Luxembourg and Switeerland have been choaen by large South African conglomerates bacauae they do not impoes sanctions and because their legislation allow for aacracy with regard to corporate activitiec. 57. As regards foreign direct inveetment, moot bane apply only to naw direct investments aud, with the exception of Nordic countries, exclude *‘non-equity” links. As a result, foreign companies cau continue doing busineoo with South Africa simply by ohifting from earning profita directly to earning tham indirectly. In fact. in oome cases dioinveetaent has enabled companies to expand their merketo in South Africa. The ban on new loam and credito to South Africa hao been the moot effective form of pressure on the m 
**Analysis**
The text appears to be discussing the economic activities of South Africa, specifically its exports, imports, and investments. It highlights the country's efforts to circumvent international sanctions and the impact of these sanctions on its economy. The text also touches on the country's natural resources, such as iron and uranium, and its use of foreign direct investment to expand its markets and access new technologies.

**Category**
International trade, Industry