Ngatjizeko encourages free trade
Free trade will help to ensure that private-sector companies have a bigger arena to compete in and improve efficiencies.
Trade minister Immanuel Ngatjizeko this week presented the World Trade Facilitation agreement to the National Assembly for rectification.
In seeking support, he explained that the agreement would reduce costs between Namibia and its trading partners, increase the competitiveness of local firms, improve export performance, attract foreign direct investment flows into Namibia and create jobs and income opportunities through increased trade.
“In seeking to increase [the] competitive business environment, Namibia has an inherent interest in trade facilitation at national, regional and international level,” he said.
Highlighting the benefits of trade, he said that it could contribute to the expansion of the private sector, thus spurring growth and reducing poverty. “Trade facilitation can provide important opportunities for Namibia by increasing the benefits from open trade and contributing to economic growth and poverty reduction.
The expectation is that full implementation of the free trade facilitation agreement will contribute to the expansion of private sector capacity to participate in international trade,” said Ngatjizeko.
He also said that the agreement would give local industry a wider space to operate in.
“Your positive consideration and rectification of this agreement will reinforce and give impetus to the implementation of the agreement and thus ensuring a widened economic space for Namibia's industries in the form of free open trade allowing access for our export products and a source of imports,” Ngatjizeko said.
Free trade according to him would also help encourage foreign direct investment flows into Namibia.
“This will further confirm the position of Namibia as an alternative destination for investment and trade with a predictable and reliable system,” he concluded.
Namibia has been a member of the World Trade Organisation since 1 January 1995.
OGONE TLHAGE
In seeking support, he explained that the agreement would reduce costs between Namibia and its trading partners, increase the competitiveness of local firms, improve export performance, attract foreign direct investment flows into Namibia and create jobs and income opportunities through increased trade.
“In seeking to increase [the] competitive business environment, Namibia has an inherent interest in trade facilitation at national, regional and international level,” he said.
Highlighting the benefits of trade, he said that it could contribute to the expansion of the private sector, thus spurring growth and reducing poverty. “Trade facilitation can provide important opportunities for Namibia by increasing the benefits from open trade and contributing to economic growth and poverty reduction.
The expectation is that full implementation of the free trade facilitation agreement will contribute to the expansion of private sector capacity to participate in international trade,” said Ngatjizeko.
He also said that the agreement would give local industry a wider space to operate in.
“Your positive consideration and rectification of this agreement will reinforce and give impetus to the implementation of the agreement and thus ensuring a widened economic space for Namibia's industries in the form of free open trade allowing access for our export products and a source of imports,” Ngatjizeko said.
Free trade according to him would also help encourage foreign direct investment flows into Namibia.
“This will further confirm the position of Namibia as an alternative destination for investment and trade with a predictable and reliable system,” he concluded.
Namibia has been a member of the World Trade Organisation since 1 January 1995.
OGONE TLHAGE
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