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Tuesday, 03 July 2012

Zimbabwe : EPA may expose local industries to unfair competition

According to The Standard, the African Development Bank (AfDB) recently warned Zimbabwe that opening its domestic markets to the EU under the Economic Partnership Agreement (EPA), could be conducive to unfair competition. In words of the AfDB “the opening up of domestic markets to European markets through the elimination of tariffs will expose local producers to competition from EU firms as their ability will be highly limited due to severe supply side constraints and also the country’s ability to use its tariff policy will be bound by the EPA.”
As we informed last may,  Zimbabwe along with Mauritius, Seychelles and Madagascar, agreed to an EPA with the EU, which has since come into effect.Under the agreement, exports from Mauritius, Madagascar, Seychelles and Zimbabwe, would have duty and quota-free access to EU markets while in return, the African countries agreed to gradually open their markets to European goods over a period of 15 years, with the exception of certain goods deemed sensitive.

Source: The Standard