Trade experts have tipped sub-region member countries, including Malawi to remove trade barriers such as restrictive policies that limit regional collaboration.
The experts said this on Friday during a virtual review of economic performance and outlook of Malawi, Zambia, Zimbabwe and Mozambique organised by Oxfam and Zimbabwe Coalition on Debt and Development.
In his keynote address, economic statistician Alick Nyasulu said for the region’s quick recovery, there is need for more integration efforts by removing trade barriers which he stressed are still limiting trade.
He said: “Trade is a powerful engine of growth, yet in our region, trade barriers persist. High tariffs and restrictive policies prevent us from fully harnessing the potential of regional collaboration.
“Imagine what we could achieve by reducing protectionism and fostering a more integrated trade environment.”
Nyasulu said to fast-track regional integration, besides removing trade barriers, member countries should prioritise climate resilience, investing in technology and education and ensure the available resources are well managed.
In his presentation on economic performance in Malawi and prospects for 2025, economist Wyton Jombo said for the country to tap from regional integration, key ministries and agencies must play their role to ensure export strategies are well implemented.
He said monetary policies must be aligned to avoid the see-saw effect where contradictory actions undermine each other and hinder economic stability.
Jombo, who is also a member of Economics Association of Malawi, said: “Export strategies should be put into action. Ministries of Agriculture, Trade and Export Development Fund, among others, need to collaborate meaningfully to earn foreign exchange in this country.”
He said there is a need to set export targets for strategic crops such as cannabis, identifying markets for each crop and setting export targets.
Economic researcher Peter Mumba, who presented on Zambia’s economic performance for 2024, cited the rising protectionism, an economic policy that limits imports from other countries through government regulations, tariffs and import quotas.
Comesa Business Council president James Chimwaza said in an interview that addressing trade barriers is key to improving trade.
The webnar was held to review the economic performance of the four countries and explore ways of increasing intra-trade because of their geographic proximity, common challenges and opportunities that come with recovery, resilience and growth
