By Stanley James
IN a move set to benefit local exporters, the European Union (EU) has announced the reduction of duty for all products from Zimbabwe.
An official journal of the European Union (EU) customs authorities released this week revealed that the duty of all products from Zimbabwe will now be reduced or eliminated under the EU/ ESA Economic Partnership agreement.
The latest move by the trading bloc is being described by market watchers as key to normalising relations between Zimbabwe and the EU.
Trade Economist Professor Gift Mugano and Pan African Chamber of Commerce Board member Mr Langton Mabhanga also commended the EU for further opening its market.
“The move by the EU is highly appreciated it is that time where we are now expecting the local industry to tap into that market and further consolidate its product portfolio thereby earning the much needed foreign currency.”
“What is now needed is that ability to focus on growth in exports in line with the NDS1 targets or aims so that going forward the nation will be in a position to tap further opportunities on growth in trade volumes with the EU.”
Mining, agriculture, beef, tourism, manufacturing, retail and distribution sectors are also expected to benefit from the duty waiver into the EU markets.
Earlier this year, the EU commended the Second Republic’s efforts to stabilise the economy.