Zambia is open to foreign trade, which accounts for 75.7% of the country`s GDP (World Bank, 2018). Zambia`s trade policy aims to diversify its economy through privatization programmes and the expansion of its export base. The country is a member of COMESA and has signed interim economic partnership agreements with the European Commission. The country became a member of the WTO in 1995. Tariffs are high, but the country has few non-tariff barriers. Some products, such as crude oil, medical care and fertilizers, are exempt from import duties. However, irregularities in the tax system and high transportation costs are real barriers to trade. The country exports mainly copper and other minerals (about three-quarters of total exports), while petroleum products, copper, machinery and means of transport are the main imported products. Sambois products are based on Switzerland (42.1%), China (14.4%), the Democratic Republic of Congo (9.5%). And Singapore (7.7%), while South Africa (28.8%), the Democratic Republic of Congo (14.7%), China (13.6%), the United Arab Emirates (6.3%), India (4.7%) Imported. Kuwait (4.7%). Escalating trade tensions between the United States and China could lead to lower demand and volatile copper prices.
Zambia`s trade balance is in surplus. In 2018, the trade surplus reached $514 million, compared to $364 million the previous year (World Bank). In 2018, exports of goods reached $9.05 billion (up 13% from 2017), while imports amounted to $9.46 billion (up 19%) has been achieved. Exports of services reached $957 million (up 11%), while imports reached USD 1.63 billion (up 11%) Freedoms and Freedoms Committee. (WTO). Weak demand is expected to help reduce imports, but the devaluation of Kwacha will increase costs; exports are expected to continue to be adversely affected by low copper prices. Zambia has duty- and quota-free access to the EU market under the “Everything but Arms” (EBA) programme for the world`s least developed countries (LDCs). Zambia is also entitled to commercial benefits under the African Growth and Opportunity Act (AGOA), which provides duty- and quota-free access to the U.S. market for most products, including textiles and clothing. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States.
Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. LUSAKA, July 9 (Xinhua) — The Zambian government said Tuesday that the operationalization of the Continental Free Trade Area (AfCFTA) is an important step in promoting trade in Africa and economic integration. He called on the AU to accelerate work on other areas, such as market access offers, trade in services negotiations, competition, investment and intellectual property. . Xi highlights the building of the party building in the central parties, the state institutions This site collects important information about Zambia`s participation in the WTO. Zambia has been a member of the WTO since 1 January 1995 and a member of the GATT since 10 February 1982. List of local tariffs and taxes that apply to your product on our service duties and local taxes. Christopher Yaluma, Minister of Trade, Trade and Industry, said opening markets in Africa represented huge opportunities for technology transfer and created synergies to stimulate economic growth and development. Zambia is committed to ensuring that AfCFTA is beneficial to all participating countries.
On Monday, at the 12th Extraordinary Summit of African Union (AU) Heads of State and Government in Niamey, Nigeria, African leaders launched the afCFTA operational phase.