Zambia Major Trade Agreements
As one of the fastest developing countries in sub-Saharan Africa, Zambia has been able to secure major trade agreements with some of the world`s largest economies. These partnerships have helped boost the country`s economic growth and diversify its export portfolio, making it an attractive destination for investors.
Here are some of Zambia`s major trade agreements:
1. African Continental Free Trade Area (AfCFTA)
Zambia was one of the first 44 signatories of the AfCFTA, a historic agreement signed in 2018 that aims to create a single African market. This agreement is expected to significantly boost intra-African trade and create job opportunities across the continent. Zambia, with its favorable geographic location, is poised to become a key player in the AfCFTA.
2. Common Market for Eastern and Southern Africa (COMESA)
Zambia is a member of the COMESA, a trade bloc of 21 countries that promotes economic integration and development in the region. This agreement has helped facilitate trade among member states, with Zambia benefitting from increased exports of agricultural goods, copper, and other minerals.
3. Economic Partnership Agreements (EPAs)
Zambia has signed EPAs with the European Union (EU) and the South African Development Community (SADC) to promote trade and investment. These agreements have helped Zambia increase its exports to the EU and other markets, creating jobs and boosting economic growth.
4. Bilateral trade agreements
Zambia has signed several bilateral trade agreements with countries such as China, India, and the United States. These agreements have helped increase trade and investment between Zambia and its partners, leading to job creation and economic growth.
In conclusion, Zambia`s major trade agreements have helped the country diversify its export portfolio and attract investment from around the world. With its strategic location, abundant natural resources, and favorable business environment, Zambia is poised to become a key player in the global economy.