Chenge Murimwa
HARARE – The private sector has an indispensable role in promoting viable trade facilitation strategies which will bring considerable economic gains to developing and least developed countries.
Zimbabwe is signatory to various Free Trade Area agreements with the latest being the African Continental Free Trade Area signed on March 12, 2018 in Rwanda by 44 heads of state.
Zimbabwe National Chamber of Commerce president Dr Divine Ndhlukula said trade integration has potential to bring considerable economic gains to developing and least developed countries through the improvement of trade competitiveness and diversification of the export base.
“If ratified by each country, ACFTA will become one of the world’s largest trading blocs. I believe it is not just a matter of taking part in the free trade agreements, but for Zimbabwe to have a clear vision of how trade facilitation reforms could boost competitiveness, and solidify its leadership as an export hub for Africa.”
She noted that the benefits of removing impediments to trade are substantial with evidence suggesting that the gains from these reforms can be higher than reducing tariffs.
ACFTA seeks to create a single continental market for goods and services with free movement of business persons and investments, something Dr Ndhlukula said will pave way for accelerating the establishment of the Continental Customs Union and the African Customs Union.
She highlighted that ACFTA will improve industry’s competitiveness through the exploitation of opportunities for scale production, continental market access and better reallocation of resources.
