ZimTrade says companies benefit from exporting services

THE national trade development and promotion organisation, ZimTrade has revealed that many local companies are now benefitting through exporting services.

According to ZimTrade, the services include franchise support, architecture, engineering designing and cloud service.

“All of these are considered exports because they are provided by a service provider in Zimbabwe to someone from another country,” said ZimTrade, noting that individuals and companies may export services without realising it.

“If you mention exports, most people think about products, and they might picture container ships and airplanes, but the fastest growing exports are services.

European Union
“Companies are finding profit in exporting services, and several trends almost guarantee that service export growth will escalate.”

The trade promotion body said the Trade in Services Agreement (TiSA) will make services exports much easier.

“The media is full of discussions about various free trade agreements, but the TiSA is almost never mentioned yet it may have the greatest impact of any trade agreement ever negotiated.

“Such an agreement is required with a focus on standardising regulatory provisions to
put service providers in one signatory country on the same footing as any other service
provider within the trade zone.”

It noted that the agreement “will have game-changing implications about harmonising
regulations and standards.”

TiSA was a proposed international trade treaty between 23 parties, including the European Union, United Kingdom and the United States.

The agreement aims to liberalise the worldwide trade in services such as banking, healthcare, and transport. – cjroncil.co.zw