The ManicaPost
Kudzanai Gerede Post Correspondent
With the commencement of the process for Zimbabwe to rejoin the Commonwealth grouping promising positive outcomes, there are greater economic spoils that can vastly improve the country’s international trade portfolio amid concerted efforts by the President Emmerson Mnangagwa led administration to normalize relations with the international community, experts have said.
The commonwealth is a 53-member bloc largely comprising of former British colonies complemented by a few developing nations seeking areas of political, cultural and economic co-operation. Zimbabwe under former President Robert Mugabe left the Commonwealth in 2003 following appalling relations with Britain over the land reform programme.
However, inspired by the strides taken by the new administration to integrate with the global community, the Commonwealth this year invited Zimbabwe to the summit in London in an observer’s capacity which precipitated President Mnangagwa’s writing to the secretariat seeking the country’s readmission, a move experts are buoyant will reap economic benefits.
Ideally, membership in the Commonwealth will provide a wider platform for Government to broker economic agreements that will offer alternative trading markets for local products and various investment projects to set into motion the industrial transformation agenda.
The Commonwealth Trade Review 2018 Report estimates intra-Commonwealth trade and productive Greenfield investment to reach $ 1.6 trillion in two years on the backdrop of increased investment and trade in the past 2 years.
For instance, foreign direct investment was estimated at $ 700 billion last year, creating 1.4 million jobs through 10 000 projects in the Commonwealth and trade approximately reaching $ 600 billion in 2016 within the bloc.
“One of the major strengths member states leverage on in the Commonwealth is pursuing opening of markets within the bloc to expand trade,” economic expert Pepukai Chivore said.
“It is refreshing on the economic aspect of things especially considering the strong historical ties between Harare and London. As you are aware of the endorsement at the 2005 summit in Malta by the heads of government of the Commonwealth that pursuing free trade amongst one another in terms of duty-free quota and mutual free access markets would propel trade.
Proactive policy measures such as improving trade facilitation or tackling non-tariff barriers will obviously be beneficial to Zimbabwe,” he said.
With Brexit (Britain exit from the European Union), global economic experts are confident Britain is much eager than before to embrace what’s left of the old British empire by prioritizing long term trade agreements within the Commonwealth.
Already the Theresa May administration has pledged commitment to work with the new administration and normalize relations between London and Harare.
“Zimbabwe desperately needs to rebrand and dispel negative perceptions which have a huge bearing on investment attraction and being part of a large grouping of global nations, can also improve the country perception rating. It improves our competitiveness as an investment destination, a key component for investor confidence,” said competitiveness expert Dr Gift Mugano.
The Commonwealth has already shown interest to work with Zimbabwe with President Mnangagwa extending invites to the grouping to observe upcoming elections.
