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Oliver Kazunga
Bulawayo Bureau
ZIMBABWE’S private sector has been urged to utilise the African Trade Observatory to gather market intelligence and boost trade riding on the operationalisation of the African Continental Free Trade Area (AfCFTA).
The AfCFTA to which Zimbabwe is signatory was operationalised on January 1, making historic stride towards continental economic integration.
Zimbabwe has deposited its instrument of ratification expected to pave way for the country’s full participation in the estimated US$3,4 trillion bloc and continent-wide market of about 1,3 billion people.
Speaking during the AfCFTA webinar meeting organised by the country’s national trade development and promotion agency, ZimTrade on Tuesday, the African Union (AU) Commission senior customs expert and advisor at the AfCFTA Mr Willie Shumba said: “The AU Commission has established what is called the African Trade Observatory, its a market intelligence system which tells you of the various opportunities and products which other countries might have or have interest in.
“The AfCFTA is saying those who want to take advantage of the trade and economic opportunities within Africa now need to look beyond their traditional markets such as Comesa, EAC and Sadc.
“The African Trade Observatory is a market intelligence system that the Zimbabwe private sector should make use of to secure market niches across the continent.”
Recently, it has been noted that the projected impact of the AfCFTA on the national economy cannot be overemphasised and thus the continental free-trade area is a significant milestone towards improving Zimbabwe’s exports into the rest of the region.
Mr Shumba said local companies need to look beyond the countries that Zimbabwe has been trading with since the 1960s and 1980s.
He said by ratification of the AfCFTA, Government had created a platform for the private sector to look at trading with 54 other countries on the continent.
“Government has created a regime for you (private sector) to now look at the 54 other countries on the continent. What this basically means is you now need your market intelligence. You might think that you have nothing to do with Mali, nothing to do with Sierra Leone and nothing to do with Cote d’ Ivoire, but if you do your market intelligence you might get a niche for your product in that country,” said Mr Shumba.
He said in this context the Zimbabwe private sector needs to embark on a strong market intelligence taking advantage of the Second Republic’s economic and trade diplomacy.
Under the AfCFTA member States are required to have 90 percent of their tariff lines liberalised (duty-free) and this means every country on the continent is expected to advise the whole of Africa of their tariff offers.
“So far, 41 countries have submitted their tariff offers and Zimbabwe is among those that have not submitted their tariff offers.
“I believe this is a process which is underway.” Among those that have submitted their tariff offers are Namibia, Botswana, the Democratic Republic of Congo, Swaziland, Zambia, Malawi, Lesotho, Cameroon, Burundi, Kenya and Benin.
Online Reporter