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Francis Gakanje, Business Reporter

Zimbabwe and the United Kingdom pledged to collaborate on initiatives aimed at significantly boosting trade relations between the two countries.

This came out during the Zimbabwe – United Kingdom Business Forum held in Harare yesterday.

The event, which was organised by the Ministry of Foreign Affairs and International Trade in collaboration with the British Embassy, sought to explore new pathways of cooperation, focusing on enhancing bilateral trade between Zimbabwe and the United Kingdom.

Officials from the two countries implored exporters and importers from the two countries to take advantage of Zimbabwe’s engagement and reengagement policy drive to explore the market opportunities on offer.

Zimbabwe has been working to strengthen bilateral trade with the United Kingdom as evidenced by the recent swift ratification of the Economic Partnership Agreement effort with the United Kingdom.

Under the arrangement, the United Kingdom committed to provide immediate duty-free and quota-free access to goods from the Eastern and Southern Africa (ESA) states.

This landmark agreement paves the way for expanding and diversifying trade between the two nations and bolsters Zimbabwe’s goal to achieve its 10 percent exports growth target to reach US$14 billion shipments yearly by 2030.

This is also in tandem with National Development Strategy 1, which seeks to increase the capacity for exporting diversified and value-added goods and services to the global markets.

Speaking at the event, Zimbabwe’s Ambassador to the United Kingdom Christian Katsande said the forum marked the commencement of initiatives that show the determination and commitment from both sides to enrich the partnership between our two nations.

“According to the UK Department for Business and Trade, the total trade in goods and services, between the UK and Zimbabwe, amounted to £609 million in the four quarters, ending in quarter one of 2024, reflecting an impressive increase equivalent to £167 million in current prices compared to the same period last year.

“However, the current trade volume between the two countries is far below their potential. We anticipate a substantial upsurge in the trade as the trade agreement between the two countries is effectively enforced.

“I urge that we seize the opportunity to establish fully-fledged Zimbabwe-UK trade ties, this strategic move will effectively balance trade interests and foster mutually beneficial trade and investment opportunities,” said Ambassador Katsande

British Ambassador to Zimbabwe Pete Vowles said the United Kingdom was one of Zimbabwe’s major trading partners in Europe and more should be done to exploit the potential to grow the trade between the two countries.

“The UK is now looking to be the fastest-growing G7 country by 2029, and Zimbabwe wants to be a middle-income country by 2030. So both countries have growth and trade ambitions, and there is an opportunity for a win-win for the mutual prosperity at the core of a modern society for the two countries.

“The UK’s trade with Zimbabwe reached £609 million in 2023 but there is still a long way to go. But we should find the best of what Zimbabwe has, and the best of what the United Kingdom has and exploit the potential,” said Ambassador Vowles.

He said the United Kingdom would assist Zimbabwe to build capacity for businesses to export, making sure they can compete on the international market.

Ministry of Foreign Affairs and International Trade permanent secretary Albert Chimbindi said the collaboration resonated well with the Zimbabwean Government’s Foreign Policy of Reaffirmation, Engagement and Re-engagement agenda.

“Zimbabwe enjoys a long history of strong economic and trade ties with the United Kingdom, which is built on shared values and mutual respect. These relations, which had, over the past two decades, declined to sub-optimal levels, call for wider engagements within the framework of Government-to-Government cooperation.

“Several initiatives have been launched to enhance economic relations between our two countries, key among them being the signing of the Economic Partnership Agreement commonly referred to as the UK-ESA-EPA.between the United Kingdom and the ESA-5 Member States, including Zimbabwe in January 2019,” said Ambassador Chimbindi.

ZimTrade chief executive officer Allan Majuru highlighted the immense potential that lay in trade cooperation between Zimbabwe and the United Kingdom

“In terms of market concentration, you can see our biggest trading partners are South Africa, UAE and China. And we want to also see the United Kingdom on the list of our top ten trading partners. Previously in the 90s, the UK was one of our biggest trading partners.

“So we need to go back and do the same,” said Mr Majuru.

Zimbabwe’s exports to the United Kingdom are mainly dominated by horticultural products like coffee, flowers, vegetables, fresh fruits, nuts, and also some arts and crafts.

There is also a growing demand for blueberries, macadamia, citrus, flowers, and ground nuts.

The business forum was held at an opportune time when the Zimbabwean business people in the United Kingdom were finalising preparations for the hosting of the UK-Zimbabwe Business Expo, which is scheduled to take place on 5 October 2024, at the Bethel Convention Centre in Birmingham.

The business expo is expected to open avenues for enhanced business and economic cooperation between the United Kingdom and Zimbabwe.