Govt approves trade and export promotion policy

by Grace Chekai   

Cabinet considered and approved the Zimbabwe National Trade Policy and Export Promotion Strategy which was presented by the Minister of Foreign Affairs and International Trade, Honourable Minister Sibusiso Moyo in a 18th Decision Matrix Cabinet meeting, yesterday.

Minister Moyo who is also the Chairperson of the Committee on Trade and International Cooperation said the Policy sought to make Zimbabwe “a transformed, dynamic and internationally competitive economy driven by robust domestic and international trade.”

He said the Trade Policy and Exports Strategy acknowledges the need to promote mutually beneficial trade with external parties, while simultaneously taking into account the challenges that impact on local industry as well as the country`s bilateral, regional and multilateral obligations.

Minister Moyo noted that restrictions currently in place to counter the COVID-19 outbreak had slowed down global trade.

Minister Moyo highlighted the specific objectives of the National Trade Policy and the National Export Strategy are; to promote free and fair trade, promote the diversification of export products and markets so as to increase the national export of goods by at least ten percent annually from US$ 4.5 billion in 2018 to US$ 7 billion 2023, to promote export-led production and industrialisation 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.

He also gave details of the broad policy measures which include; developing and nurturing an export culture, establishment and operationalization 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 and promotion of trade-in-services among others.

Relatedly, Cabinet advised that His Excellency President Emmerson Mnangagwa would tour some export-oriented industries in Chimanimani and Chipinge on Friday morning.