Director of the United Nations. Economic Commission for Africa (UNECA), Southern Africa Office Said Adejumobi at a workshop said the Zimbabwe Transitional Stabilisation Programme (TSP) speak to the imperatives of the African Continental Free Trade Area (AfCFTA).
The TSP, from October 2018 – 2020 in meant to focus on stabilising the macro-economy and the financial sector.
“The (TSP) goals of export competitiveness, smart agriculture, beneficiation and value addition of the country’s mineral resources, resuscitation of the industrial sector, growth of tourism, and promoting a digital economy can seek value and expression in the AfCFTA,” Adejumobi said.
“For instance, Africa’s tourism sector remains underdeveloped with tremendous opportunities for intra-Africa tourism. The AfCFTA can unlock such potentials as goods and services move freely, and expectedly soon, human mobility will accompany such process.”
The UNECA Director also said a good national strategy on the AfCFTA, with committed implementation of the Strategy, can support Zimbabwe’s efforts of economic renewal and consolidation.
“Zimbabwe, having the second largest platinum and chrome deposits and 5th largest lithium in the World can attract investment capital across the Continent as the barriers to free trade and investments are deconstructed through the AfCFTA,” Adejumobi said.
“The goal of becoming an upper middle country by 2030 is attainable as macro-economic stability consolidates, the export base increases and the economy is diversified.”
Last month Zimbabwe held a National Consultative Forum on the African Continental Free Trade Area in preparation of an AfCFTA national strategy for the country.
AfCFTA is expected to create the biggest free trade area in the world with a market of more than 1.29 billion people and a combined GDP of more than US$2.5 trillion.
Such a trade development provides opportunities for increasing intra-regional trade, enhancing production, promoting economies of scale, creating jobs, raising incomes and improving the standard of living of the people on the African continent.