Ride on existing trade agreements, Zim traders urged

ZIMBABWE’S ambassador to the United Kingdom Christian Katsande has called on the local importers and exporters to take advantage of the trade agreements between Zimbabwe and the United Kingdom to explore new markets worldwide.

He said this reinforces Zimbabwe’s ambitious goal to achieve a 10% annual growth in exports to surpass the targeted US$14 billion by 2030.

Speaking at the Zimbabwe-UK Business Forum, Katsande encouraged exporters to utilise the opportunities that come with the engagement and re-engagement drive to revitalise markets across the globe.

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“… the Zimbabwe National Trade Policy Vision and Export Promotion Strategy aims to drive Zimbabwe’s industrialisation towards a transformed and internationally competitive economy through robust, free, and fair domestic and international trade,” he said.

“Exporters and importers are encouraged to take advantage of Zimbabwe’s engagement and re-engagement policy to explore and revitalise all the new markets worldwide, including the United Kingdom, among others.”

Katsande, who said Zimbabwe was committed to increasing trade between the two countries, urged the Zimbabwean business community to take advantage of the forum as a strategy to balance beneficial trade between Zimbabwe and the UK.

“Zimbabwe’s commitment to strengthening trade with the United Kingdom is evidenced by its swift ratification of the economic partnership agreement with the UK. This landmark agreement paves the way for expanding and diversifying trade between the two nations and bolsters Zimbabwe’s ambitious goal to achieve a 10% annual growth in exports to surpass the targeted US$14 billion by 2030,” he said.

“As we work to advance our business interests, all of us must prioritise the cultivation of enduring relationships by ensuring ongoing communication and updates on the mutual issues affecting our respective nations.

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Ride on existing trade agreements, Zim traders urged
“I wholeheartedly urge that we seize the opportunity to establish a fully-fledged Zimbabwe-UK Business Forum, simultaneously hosted in the UK and Zimbabwe. This strategic move will effectively balance trade interests and foster mutually beneficial trade and investment opportunities.”

Katsande noted that despite the current increase in trade between Zimbabwe and the UK, there is still a lot of potential to do more in a bid to increase trade and trade agreements between the two countries.

“The UK stands as one of Zimbabwe’s major trading partners among European countries. It is also worth noting that trade between the two countries has steadily been increasing,” he said.

“According to the UK Department for Business and Trade, the total trade in goods and services exported between the UK and Zimbabwe amounted to £609 million in the four quarters ending in Q1 2024. This reflects an impressive increase equivalent to £167 million in current prices compared to the same period last year.”

Added the envoy: “However, the current trade volume between the two countries is far below their potential, as you all know, given the extensive trade networks globally. We anticipate a substantial upsurge in trade as the trade agreement between the two countries is effectively enforced.”

Speaking at the same forum, Foreign Affairs and International Trade ministry secretary Albert Chimbindi commended ZimTrade’s efforts to widen Zimbabwean’s reach on exports.

“Zimbabwe’s horticultural sector is flourishing, with a diverse range of fruits, vegetables and horticultural products being exported to international markets. The Zimbabwe arts and crafts sector, including Zimbabwe’s cultural heritage, is finding new ways to make its mark in the global markets, contributing to economic growth and cultural exchange,” he said.

“You may recall that in the past, Zimbabwe has exported beef, horticultural produce, minerals and agricultural products to the UK, among others. While most of these items are no longer owned by the people of exports due to changing tastes and trade dynamics, potential exists for trade in processed and semi-processed foods, confectionery, cereals and nuts.-newda