africa Angola Currency Economy Trade

Trade between Angola and other African countries still weak

The country’s multiple participation in regional organizations has not yet translated into an increase in Angola’s trade with African countries, Amadeu Leitão Nunes, secretary of the State of Commerce, said Monday in Luanda.

Speaking at the opening of the 1st training workshop on Angola’s regional trade and economic development, Amadeu Leitão said that in order to change this framework, the PND advocates the creation of a stable framework for the country’s commercial regional integration in Southern African Development Community (SADC), contributing to openness of new export markets and to reduce the costs of importing intermediate goods.

At the meeting, promoted by the Ministry of Trade and European Union, the trade policy, industrialization and advantages of Lobito’s corridor for Angola’s regional integration are being addressed.

PND 2018/2022 defends regional integration as a political priority, with a view to structural change in Angolan exports, which continue to be predominantly concentrated in oil.

For the short and medium term, the implementation of the roadmap is aimed at integrating Angola into the SADC free trade zone and in 2021 the negotiations on tariff disarmament for the effective implementation of this zone will be formally launched.

Exports of goods to Africa are only about $ 1.3 billion compared to their exports to the rest of the world or even outside Africa estimated at more than $ 31 billion.

The Southern African Development Community (SADC) is a market of about 294 million people and a Gross Domestic Product (GDP) of about 691 billion dollars.

While the tripartite free trade area, which is composed of six member countries from three regional economic communities in Eastern and Southern Africa, represents a potential market of 627 million consumers with GDP of $ 1.247 billion, equivalent to 52 percent of GDP of Africa.

Source: Angop

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