EU sets up 7mln Euro trade project for Zim

EU sets up 7mln Euro trade project for Zim

HARARE, June 9 (The Source) – The European Union (EU) Head of Delegation to Zimbabwe Philippe Van Damme says the blochas established a EUR 7 million trade project for Zimbabwe to enhance the country’s economic competitiveness and intergration into regional andinternational trading systems.

Speaking at the launch of the Zimbabwe Trade Information Portal (TIP), Van Damme said the project had specific objectives that include addressing policy barriers and high regulatory costs.

The project would also help Zimbabwe address high trade costs through improved and accountable customs and border management, and strengthen capacity for trade related institutions to help SMEs access export support service providers.

“Just last week, we concluded work to formulate a trade project funded from the regional envelopes of the 11th European Development Fund. The project is for a total amount of EUR 7 million and will come in addition to the funds earmarked for Zimbabwe at the national level,” he said.

Van Damme said the Zimbabwe EPA Implementation Support Project (Zi-EPA) will be implemented from 2017 to 2020.

“The project will feed and increase the impact of the Trade Information Portal,” he said.

TIP is an internet based platform for the provision of Trade Information Services on a single point access of up to date trade, investment, economic and regulatory information including information onduties, taxes and other trade information.

TIP also aims to increase global visibility of Zimbabwean companies engaged in international trade.

Industry and Commerce Minister, Mike Bimha said the portal provides market intelligence and advice on exports.

“This is a critical requirement for the growth of the exporting industry, particulary the Small and Medium Enterprises who have limited access to resources,” he said.

A Mauritanian company, CITC was contracted to develop the Trade Information Portal and worked closely with ZimTrade.