Tanzania Embarks on New Trade Policy to Enhance Competitiveness and Regional Trade

Strategic Insights -

Tanzania's Deputy Prime Minister, Dr Doto Biteko, has announced the implementation of a new trade policy aimed at increasing the country's competitiveness in regional and global markets. The policy focuses on tackling five key issues, including raising value addition to local products and enhancing the competitiveness of Tanzania's exports. The new policy is expected to promote value addition in industries, increase employment, and facilitate trade through simplified business processes and reduced trade barriers.

Key Takeaways:

  • The new trade policy will focus on five key areas: value addition to local products, enhancing competitiveness of Tanzania's exports, trade facilitation, regional relationships, and sustainable and inclusive trade.
  • The policy aims to increase the contribution of the trade sector to Tanzania's economy, which is currently small.
  • The Deputy Prime Minister emphasized the importance of using the policy to eliminate trade barriers and establish a legal framework aimed at strengthening and promoting trade.
  • The policy was made possible with the help of various stakeholders, including diplomats from different countries and TradeMark Africa.
  • The government aims to increase exports, including to African markets, and reduce tax evasion.
  • Foreign Direct Investment (FDI) is increasing, and regional trade and investment opportunities are expanding.

Statistics:

  • The trade sector's contribution to Tanzania's economy is currently small, but the new policy aims to increase it.
  • The government aims to reach 1,000 projects registered and $8.5 billion in investment pledges for the next year.
  • Tanzania Investment Centre reports an increase to $6.5 billion in FDI for the last financial year.
  • The country has witnessed a significant increase in exports, with regional trade opportunities contributing to this growth.
  • Intra-regional trade is still lower than optimal, with a huge potential to increase.

Sources:

  • HT Digital Content Services (permission from The Citizen) by Tanzania's Deputy Prime Minister, Dr Doto Biteko.
  • Article published by HT Digital Content Services with permission from The Citizen.