Zambia Major Trade Agreements

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. Examines key economic indicators and trade statistics on the countries that dominate the market, the market share of the United States, the political situation, if any, the main reasons why U.S. companies should consider exporting to that country and other trade-related issues. B, such as terrorism, currency devaluations, trade agreements.

These consisted almost exclusively of copper, cobalt, precious stones (mainly emeralds) and cotton. The United States has signed a framework agreement on trade and investment with the Common Market for Eastern and Southern Africa (COMESA), of which Zambia is a member. Administrative corruption can be the most serious non-tariff barrier, particularly with regard to public procurement. Other non-commercial barriers include infringement of intellectual property, preferential treatment of state-owned enterprises, and an overly complicated and often arbitrary and opaque regulatory environment. Zambia is a politically stable, multi-party, resource-rich democracy with an estimated population of 17.2 million, 42% of whom live in urban areas.