Simplify export procedures - Industry

HARARE - Manufacturers have urged the Government to simplify export procedures, as industry must refocus following the recent launch of the African Continental Free Trade Area (AfCFTA), which opens a 1.3 billion people market.

This was said by United Refineries chief executive Busisa Moyo, who is also Zimbabwe Investment Development Authority chairman and Confederation of Zimbabwe Industries past president.

Further, Moyo said entrenching macroeconomic stability (exchange rate, inflation), political will, efficient infrastructure (borders, roads), retooling finance (structured finance), competitiveness and retraining will be among key requirements to tap into AfCFTA.

Speaking during a recent virtual seminar on AfCFTA, Moyo said the AfCTA, which came into force in January 2021, will create more demand for economies across

Africa, Zimbabwe included, but said this country needs to rethink its export strategy.

AfCFTA is the African continent’s most ambitious integration initiative, embedded in the Agenda 2063 of the African Union, whose main objective is to create a single continental market for goods and services with free movement of people and investments.The AfCFTA is expected to increase intra-Africa trade from an existing level of about 13 to 25 percent or more through better

harmonisation and coordination of trade liberalisation. The signing of the deal at continental level creates a market of about 1.3 billion people with estimated combined gross domestic product of over US$3.4 trillion. So far, 54 out of 55 African countries, Zimbabwe included, have signed the trade agreement to allow duty free access of goods and services on the continent.

Moyo said the AfCFTA market will drive demand for goods, which will help increase the currently diminished capacity utilisation of Zimbabwean companies. – THE HERALD, Zimbabwe.