'There is significant trade imbalance between our two countries', says Ramaphosa, pushes Zimbabwe to export more
South African President Cyril Ramaphosa has called for a rebalancing of trade with Zimbabwe, noting that South Africa currently exports significantly more than it imports. He proposed using the African Continental Free Trade Area to boost Zimbabwean exports and infrastructure investment.
Why it matters
Addressing trade imbalances is crucial for the economic stability and regional integration of Southern African nations.
PRESIDENT Cyril Ramaphosa has called on South Africa and Zimbabwe to address their trade imbalance, saying bilateral trade has almost doubled over the past four years but South Africa continues to export far more to Zimbabwe than it imports.
Ramaphosa was speaking on Friday at the opening of the fourth session of the South Africa-Zimbabwe Bi-National Commission (BNC) at the OR Tambo Building in Pretoria, where he welcomed Zimbabwean President Emmerson Mnangagwa and his delegation.
Zimbabwe is one of South Africa’s largest trading partners, but Ramaphosa said the growth in trade had not been balanced.
“There is a significant imbalance in trade between our two countries.”
“South Africa exports much more to Zimbabwe than it imports.”
Ramaphosa said the two countries needed to work together to narrow the deficit through instruments such as the Memorandum of Understanding on Economic Cooperation.
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