ZAMBIA WANTS TO NARROW TRADE IMBALANCES
ZAMBIA
requires business models that will enhance export of value added products to South Africa to address the existing trade imbalance between the two countries, Commerce Trade and Industry Minister Christopher Yaluma has said.
Speaking yesterday at the Zambia-South Africa virtual investment seminar held in Lusaka, Mr Yaluma noted that trade between the two countries was skewed on favour of South Africa.
The forum which has attracted commerce and industry experts from two countries is themed, “Developing Afrocentric Solutions and forging partnerships response to Covid-19.”
"In 2019
ZAMBIA'S imports and exports to and from South Africa stood at US$ 2.2 billion and US$298 million respectively. While South Africa imports and exports to and from Zambia stood at US$ 182 million and US$1.7 billion respectively,"
“In order to address this imbalance , I wish to call all of you from both Zambia and South Africa to work out business models that will see more value added products being exported from Zambia to South Africa," Mr Yaluma said.
He appealed to South Africa to remove measures that hindered Zambia from export certain products to that country.
"I appeal to my counterpart in South Africa to help ease especially the Sanitary and Phytosanitary measures that inhibit export of goods to South Africa such as quails, melons, chillies and avocado among others. Elimination of trade distorting measures are key ,if we are to promote real bilateral trade and investment promotion as this may in turn facilitate and enhance regional integration which will be created by the Africa Continental Free Trade Area," said Mr Yaluma.
And South Africa deputy minister of Trade, Industry and Competition, Nomalungelo Gina called on the representives of the two countries to find innovative solutions to manage and minimise negative effects of the virus on the economic and culture investment, including policy and trade relations.
“We strongly believe that recently adopted SADC guidelines on organisation and facilitation on cross border transport operations across the region during Covid-19 pandemic as well as other continental or regional measures provides solid foundation for our two countries to find a common ground that could turn this pandemic from a dilemma into an opportunity change the structure of our economic relations,” Ms Gina said.