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Harare Bureau
The Southern African Development Community committee of trade ministers has endorsed progress made with regards to South Africa-Zimbabwe bilateral engagement on tariff phase downs on 112 priority products and Statutory Instrument 64 of 2016.
At a special meeting for Sadc committee of trade ministers held in Swaziland last week, a report on South Africa-Zimbabwe bilateral engagement was presented.
Industry and Commerce Minister Mike Bimha and Finance and Economic Development Minister Patrick Chinamasa attended the meeting.
“The agenda of the meeting included a report on the RSA-Zimbabwe bilateral engagement on tariff phase downs on 112 priority products and SI 64 of 2016. The committee commended the two countries for the progress, welcomed and endorsed the report,” said Minister Bimha.
Minister Bimha also thanked Sadc member states for their continued understanding and support on the need to link trade liberalisation to a process of viable industry development as well as co-operation in finance and investment.
South Africa’s Trade and Industry Minister Rob Davis said South Africa remains committed to working with Zimbabwe and strengthening relations between the two countries in the spirit of advancing regional integration.
The two ministers undertook to meet on the sidelines of the Sadc meetings to explore more ways for encouraging investment between the two countries.
Under the Sadc industrialisation agenda, member states are allowed to find ways of ensuring their economies are heavily industrialised.
SI 64 of 2016 removed about 42 products from the general import licence though there are submissions by stakeholders that more products need to be included on the list.
This policy directive has managed to breathe life into some manufacturing firms who have since increased capacity utilisation while some foreign firms have already started setting up their manufacturing plants in Zimbabwe.
Online Reporter