(3 Minutes Read)
The new policy will develop and improve market and trade infrastructure; ensure competition management in trade and protect consumers; as well as strengthen and develop the trade in services
The Government of Tanzania has come up with a revised trade policy that seeks to accommodate new developments such as regional trade agreements, technological advancement, and climate change, among other local and global issues.
The National Trade Policy 2003 was revised last year and it was officially inaugurated by Deputy Prime Minister, Dr Doto Biteko, according to the Minister for Trade and Industry, Dr Selemani Jafo.
The 2023 edition aims to establish a robust framework and strategy to improve the business environment, promote economic growth, and enhance citizens’ welfare. Some evolving trade opportunities were covered in the revised policy.
In September 2021, Tanzania ratified the African Continental Free Trade Area (AfCFTA), which was not highlighted in the 2003 policy.
Dr Jafo further noted that the new policy will develop and improve market and trade infrastructure; ensure competition management in trade and protect consumers; as well as strengthen and develop the trade in services.
He said that it would also facilitate trade by reducing the time and cost of doing business; enable and enhance online trade through the use of technology; and improve and increase access to credit and trade capital.
Read Also:
https://trendsnafrica.com/tanzanias-adrian-raphael-njau-appointed-ceo-of-eabc/
The new policy comes even as the government counts on several achievements in the trade sector. The success stories include the growth of trade with the EAC, SADC, AfCFTA, and exploring markets such as China, which allowed 98 percent of Tanzanian products to be sold duty-free, India, AGOA, and the European Union.
