Zimbabwe is on the verge of ratifying a bilateral trade
agreement with the UK, which it aims to use to secure favorable terms of trade
ahead of the expected exit of Britain from the European Union. Zimbabwe has
already created a draft of a bilateral trade agreement, even as the UK is
preparing itself to leave the EU, which will bolster the existing trade relationship
between the two countries.
Allan Majuru, the managing director of ZimTrade, the
Zimbabwe government’s affiliated trade promotion body, spoke about the
development of the trade pact: “I am very much aware that Zimbabwe will sign a
trade agreement with Britain. It’s under the process of ratification. If you
look at our trade, there are a lot opportunities that are going to be opened
because of Brexit.”
According to Majuru, the UK will require greater diversity
in terms of imports, after Brexit, as it used to meet its needs from the
European continental trade block.
The UK is a major trade partner for Zimbabwe, as exports
from the African nation to the United Kingdom have risen by 276 per cent to a
value of USD 112 million in 2018, in comparison to the 2012 value of USD 30
million. In 2018, the UK was the 3rd largest market for Zimbabwean exports,
accounting for approximately 21 per cent of the goods moving from Zimbabwe to
the EU.
Key food stuffs exports from Zimbabwe to the United Kingdom
includes items such as passion fruit, mange tout peas, raspberries, black
fermented tea, nectarines, oranges, and peaches.
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