PART 2
25.05.2024
In Africa, there are a few countries that have substantially harnessed the potential of trade in services whose impact has been remarkable. Apparently such countries that have recorded impressive performance in trade in services include Ethiopia, Nigeria, South Africa, Rwanda, Mauritius, Egypt and Kenya, said Dr. Kelvin Kamayoyo, Chief Technical Advisor for BuyZed Campaign. We need to start talking more about trade in services as an anchor for promoting local content agenda despite that both it’s consumption and provision could be complex at times. However, through commerce education and awareness raising, all things are possible and once harnessed properly can significantly contribute to reducing commercial transaction costs in the domestic economy for all.
For several decades past, Zambia has predominantly been a goods led economy but with the advent of ingenuity influenced by globalization, innovation and active participation of the private sector, we certainly can not ignore the viability of trade in services and its ability to supplement other sectors through intermediate functionality. In order to strengthen the symbiotic relationship of Zambia’s trade policy and investment policy, there is need to put more effort in promoting trade in services because it’s performance has either direct positive impact or could induce positive externalities on many sectors of the economy such as tourism, sports and arts, agriculture, transport and mining.
As BuyZed, we wish to recommend to Government and other stakeholders to create more inclusive platforms that prioritise discussions on how Zambia can effectively promote and fully maximize the benefits from trade in services noting that both trade in goods and trade in services do reinforce each other in any economy. Admittedly from our side, the services sector campaign has started with specifically promoting e-commerce, tourism, sports and arts, and transport industries within the context of local content for economic resilience and ultimately foster sustainable development for all Zambians. Our campaign to promote trade in services will also incorporate raising awareness about the principles of the World Trade Organization (WTO)’s General Agreement on Trade in Services (GATS) which brings the certainty of a global rules-based system to the services markets and fair trade for all.
Going forward, it is not inadvertently that BuyZed will be conducting more sensitisation activities aimed at boosting trade in services across the country. This is because enormous evidence is there that most countries that have developed rapidly such as the four Asian Tigers of this world namely; South Korea, Singapore, Taiwan and Hong Kong, the services industries have played a critical role in stimulating and sustaining meaningful development to be where these economies are today. As a country, we are not late at all because the world is dynamic as such we must take full advantage of the abundant opportunity it presents and vigorously promote the services industries whose consumption and supply knows no geographical distance.
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