Business / Economy
Zimbabwe, EU trade slumps
17 Jan 2013 at 06:01hrs | Views
European Union Ambassador to Zimbabwe Aldo Dell'Ariccia said Zimbabwe's trade with the European Union slumped by 9.8% last year and the decline is due to the euro zone crisis and a poor agriculture season.
Dell'Ariccia however, said trade between the 2 parties was set to expand after Zimbabwe completed the ratification of the interim Economic Partnership.
According to Dell'Ariccia Zimbabwe exported ferro-chromium, raw cane sugar, non-industrial and industrial diamonds; copper (refined), raw hides, citrus, cut flowers and vegetables to the EU.
Other products included granite, leather, cotton and black fermented and partially fermented tea.
Zimbabwe entered into an interim EPA with the EU in 2009, giving the country a 100% duty-free quota access into the EU market with a transition period for rice and sugar.
Zimbabwe in turn would liberalise 80% of imports from the EU by 2022, 45% by 2012 with the remaining 35% of imports being liberalised progressively until 2022.
Dell'Ariccia however, said trade between the 2 parties was set to expand after Zimbabwe completed the ratification of the interim Economic Partnership.
According to Dell'Ariccia Zimbabwe exported ferro-chromium, raw cane sugar, non-industrial and industrial diamonds; copper (refined), raw hides, citrus, cut flowers and vegetables to the EU.
Zimbabwe entered into an interim EPA with the EU in 2009, giving the country a 100% duty-free quota access into the EU market with a transition period for rice and sugar.
Zimbabwe in turn would liberalise 80% of imports from the EU by 2022, 45% by 2012 with the remaining 35% of imports being liberalised progressively until 2022.
Source - newsday
