By BUUMBA CHIMBULUZAMBIA has in the last four years lost almost US$500 million (equivalent to over K10.6 billion) net revenue arising from free trade agreements which are meant to eliminate certain barriers and restrictive practices that some countries face.In 2017, 2018, 2019 and 2020, Zambia lost net revenue of K2, 408.4, K2, 895.1, K3,115.1 and K2, 265.3 respectively, amounting to K10.683 billion.Free trade agreements do not just reduce and eliminate tariffs, they also help address behind-the-border barriers that would otherwise impede the flow of goods and services.However, the agreements come with revenue consequences as they reduce trade tax revenues.For Zambia, some of the regional trade agreements signed include the Common Market for Eastern and Southern Africa, and the Southern African Development Community (SADC).In addition to the regional trade agreements, Zambia has ratified the African Growth and Opportunity Act, Generalised System of Preferences, World Trade Organisation Trade Facilitation Agreement, China Special Preferential Tariff Treatment and India […]
Zambia loses K10.6bn in trade pacts
