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Wednesday, 30 November 2011

Zimbabwean government will launch a National Trade Policy

The Zimbabwean government plans to launch a National Trade Policy (NTP) to promote exports and industrialisation of the economy through trade incentives and various measures. According to a draft policy document crafted by the Ministry of Industry seen by the Zimbabwe Independent this week, the policy seeks to be a guiding principle of future agreements between Zimbabwe and its trading partners to ensure that the southern African country can effectively participate in the regional and international trading environment.

The trade policy hopes to grow the country’s exports 10% annually from US$2,5 billion in 2010 to US$4,5 billion by 2016. The policy also seeks to promote enhanced value-addition of primary goods while complementing the Industrial Development Policy 2011–2015 through restoring the manufacturing sector’s contribution to export earnings from the current 16% to 50% by 2015. Government reckons the policy will help the expansion of Zimbabwean products into regional markets as part of a wider regional integration plan.

Although Zimbabwe belongs to various trade blocks — Comesa, Sadc, ACP-EU, Generalised System of Trade Preferences (GSTP) and the World Trade Organisation — there has been no sound trade policy, with imports far outweighing exports. Zimbabwe’s situation has been worsened by the withdrawal of key balance of payments support from multilateral institutions such as the International Monetary Fund (IMF) and the World Bank.

Source: The Independent

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