Make use of African Trade Observatory: AU Commission
Oliver Kazunga, Acting Business Editor
ZIMBABWE’S private sector has been urged to utilise the African Trade Observatory to gather market intelligence and boost trade coming on the back of the operationalisation of the African Continental Free Trade Area (AfCFTA).
The AfCFTA to which Zimbabwe is signatory was operationalised on January 1 this year, making historic stride towards continental economic integration.
Zimbabwe has deposited its instrument of ratification, which is expected to pave way for the country’s full participation in the estimated US$3, 4 trillion bloc and continent-wide market of about 1,3 billion people.
Speaking during the AfCFTA webinar meeting organised by the country’s national trade development and promotion agency, ZimTrade on Tuesday, the African Union (AU) Commission senior customs expert and advisor at the AfCFTA Mr Willie Shumba said:
“The AU Commission has established what is called the African Trade Observatory, it’s a market intelligence system which tells you of the various opportunities and products which other countries might have or have interest in.
“The AfCFTA is saying those who want to take advantage of the trade and economic opportunities within Africa now need to look beyond their traditional markets such as Comesa, EAC and Sadc countries.
“The African Trade Observatory is a market intelligence system that the Zimbabwe private sector should make use of to secure market niches across the continent.”
Recently, it has been noted that the projected impact of the AfCFTA on the national economy cannot be overemphasised and thus the continental free-trade area is a significant milestone towards improving Zimbabwe’s exports into the rest of the region. – @okazunga