By ZBC Reporter
Cabinet has approved the Zimbabwe National Trade Policy and Export Promotion Strategy which targets US$ 14 billion in export value by 2030.
The key implementation mechanisms of the National Trade Policy and Export Strategy include; the tour of some export-oriented industries in Chimanimani and Chipinge this Friday by President Emmerson Mnangagwa.
This was revealed by the minister of Information, Publicity and Broadcasting Services Minister Senator Monica Mutsvangwa at the post-cabinet briefing in Harare.
She said the policy document was presented by the Minister of Foreign Affairs and International Trade, Chairman of the Cabinet Committee on Trade and International Cooperation.
“Overall, the Policy seeks to make Zimbabwe “A transformed, dynamic and internationally competitive economy driven by robust domestic and international trade”. Essentially, the policy proposes an Exports Roadmap that will realise US$7 billion worth of exports by 2023 and US$14 billion in export value by 2030,” said Minister Mutsvangwa.
The Trade Policy and Exports Strategy acknowledge the need to promote mutually beneficial trade with external parties, while simultaneously taking into account the challenges that impact on the local industry as well as the country’s bilateral, regional and multilateral obligations.
“It is noted that restrictions currently in place to counter the COVID-19 outbreak have slowed down global trade. Nonetheless, the country should, thereafter, implement a clear Trade Policy and Export Strategy to fully harness market opportunities.
The specific objectives of the National Trade Policy and the National Export Strategy are as follows: to promote free and fair trade; to promote export-led production and industrialisation; promote the diversification of export products and markets to increase the national export of goods by at least 10% annually from US$4.5 billion in 2018 to US$7 billion in 2023,” she said.
The policy framework is also expected to improve the balance of trade position by at least 10% annually, and to improve Zimbabwe’s ranking on the World Bank’s Trading Across Borders Distance to Frontiers Index from 54.34 percentage points in 2018 to 65 percentage points in 2023 and 75 percentage points in 2030.
“The broad policy measures include, among others, the following: developing and nurturing an export culture; establishment and operationalisation of Special Economic Zones; establishment of the Zimbabwe Export Promotion Council; resuscitation of the Trade and Economic Relations Committee (TERC) as an inter-institutional consultative mechanism; promotion of trade-in-services; implementation of tariff and non-tariff measures to enable importation of raw materials and capital goods in order to stimulate production and export of value-added products; and regulating standards and quality for compliance with international standards in both imports and exports,” she said.
Cabinet approves trade policy and export promotion strategy
By ZBC Reporter