Zambia approves WTO trade agreement

Zambia has ratified the World Trade Organization (WTO) agreement on trade facilitation, which will assist government put in place reforms that will reduce the cost of doing business, report said.

The implementation of the agreement was aimed at putting in place interventions in Zambia’s regulatory trade environment by providing support infrastructure and capacity building for stakeholders, according to the Zambia Daily Mail.

Deputy Minister of Commerce, Trade and Industry Raymond Mutale said the ratification demonstrates the government’s commitment and resolute to undertake the necessary reforms that will further reduce the cost of doing business.

The trade facilitation reforms will improve trade logistics and facilitate for ease of doing business by embarking on modernizing the manner in which trade was conducted, he added.

According to him, the high cost of doing business in most developing countries was deterrent to the achievement of sustainable social and economic development, and reduced participation in economic activities.

He added that the implementation of modernized trade ecosystems will ensure efficiency and effectiveness in the manner in which trade was conducted, a move that will result in a reduction in the cost of doing business and increasing foreign investment.

 

Xinhua / Zainab Sa’id