Zimbabwean private sector urged to exploit bilateral trade agreements
Xinhua | July 20, 2006
Zimbabwean private sector urged to exploit bilateral trade agreements
The private sector in Zimbabwe has been urged to exploit the various bilateral trade agreements that the country has signed with its trading partners.
Industry and International Trade Minister Obert Mpofu said on Wednesday that the agreements gave business the leeway to expand markets to boost foreign currency earnings.
It was critical that the government received feedback on the effectiveness of the trade agreements to allow the authorities to deal with operational problems that agreements might be presenting, he said.
"The challenge is on business to be more aggressive and take advantage of the framework agreements. These agreements are meant to benefit the exporters and importers alike and we want to respond to their needs as much as we can," he said.
Exploitation of the agreements would not only deepen economic cooperation with trading partners but also boost trade levels.
Zimbabwe has signed various bilateral trade agreements that business has failed to exploit to expand their markets.
Business has blamed unfavorable economic conditions obtaining in the country as the main setback to exploiting the trade agreements.
The government has lined up various trade missions to countries in and outside the continent in a bid to create new markets and give industry and business a chance to expand their markets and boost exports.
Trade and investment missions have been lined up for countries including Equatorial Guinea, Kenya, Zambia, Brazil, China, Malaysia, South Korea, Venezuela and Vietnam before the end of the year.
The government has since expressed its willingness to join hands with the private sector to increase its exports as the country works to increase foreign currency earnings.
Shortage of hard currency has resulted in the country facing challenges, among them, failure to import critical raw materials.
