Bad policies hinder intra-African trade: Mthuli

06 Nov, 2018 - 10:11 0 Views
Bad policies hinder intra-African trade: Mthuli Minister Mthuli Ncube

eBusiness Weekly

Michael Tome

HARARE – Finance and Economic Development Minister Mthuli Ncube says African countries should revise harsh intra-African trade practices so as to encourage trade relations within the continent.

This is one of the deliberations to be taken to  Intra African Trade Fair (IATF) 2018 which is set to be held in Egypt  from 11- 17 December this year.

Intra-African Trade Fair is a seven day trade fair that provides a platform for sharing trade, investment, market information and enabling buyers and sellers, investors and countries to meet, discuss business deals.

Speaking at the Intra African Trade Fair (IATF) engagement session yesterday, Professor Mthuli Ncube said Africa should do away with negative trade practices which have undoubtedly led to dwindled levels of intra-African trade.

“There is need for us to redress the unfavorable intra-African trade which currently stands at 15 percent, lagging behind other continents such as Europe 59 percent, Asia 51 percent and North America at 37 percent,” said Professor Ncube.

Professor Ncube highlighted the need to improve on critical trade enablers such as decent infrastructure and reduction of non –tariff barriers, as such he would use IATF platform to publicise the country’s potential and economic recovery agenda.

“Some of the major culprits behind the poor intra-African trade include poor infrastructure (roads, technology, loading and offloading equipment), lack of industrialisation, similarities in product portfolios, broader inefficiencies, non-tariff barriers and lack of product competitiveness.

“As Zimbabwe charts a new economic path in pursuit of economic recovery and development, this platform poses an opportunity for us to market our national economic recovery agenda, showcase our trade and investment credentials and attract funding and partnerships.

“It is imperative that we fully take advantage of this forum to improve our own export market diversification, diversify sources of investment opportunities,” added Professor Mthuli.

In 2017, 93 percent of Zimbabwe’s total exports were within Africa with 63 percent of that destined for the South Africa market alone. In the same year 53 percent of the country’s imports came from the African continent with 40 percent being sourced from South Africa.

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