Zimpapers Logo

The Herald, June 1, 1984

Heads of state of the Preferential Trade Area have been invited to launch the operational phase of the organisation on July 1 in Harare, the Minister of Trade and Commerce, Cde Richard Hove, announced yesterday.

This meeting would be preceded by the fourth gathering of the body’s council of ministers, which will try to solve problems of trading, payment of membership fees, and other matters before the formal launching.

Cde Hove who was speaking on arrival from Madagascar and Lusaka where he had been on PTA business, said the ministers’ meeting would also try to ensure that tenders in the PTA were offered to member countries with the know-how, rather than to South Africa and Europe.

An “unhealthy” development in the PTA was the tendency of some members to charge various tariffs, such as road tolls, which hampered trade.

Cde Hove said he had gone to Madagascar, which was one of six countries in the region which had not joined to find out their attitude towards the PTA.

“I left Madagascar optimistic that at some stage they would join the organisation.”

Cde Hove said Zimbabwe would also host a six-day workshop from June 14 for members of Chambers of commerce and bankers from the PTA to familiarise them with the functions and operations of the organisation.

 LESSONS FOR TODAY

• The Eastern and Southern African Trade and Development Bank, commonly known as PTA Bank was formed in 1985.
• The bank recently changed its official brand name from PTA to TDB (Trade and Development Bank).
• With a membership of 23 states, the bank’s mandate is to finance and foster trade, regional economic integration and sustainable development, through trade finance and project and infrastructure finance.
• TDB has a public-private equity capital structure with 44 sovereign and institutional shareholders, including pension funds, insurance companies and development finance institutions.