Commerce & Trade Minister Chipoka Mulenga outlines Zambia’s AfCFTA strategy

Zambia recently secured a $1.3 billion loan from the International Monetary Fund to help rebuild its economy, giving a boost to the Zambian Kwacha, which has been performing well against the dollar. To shed light on the Zambian economy's progress, as well as its strategy to enhance trade under the African Continental Free Trade Area (AfCFTA) and attract foreign investment, Commerce and Trade Minister Chipoka Mulenga sat down for an exclusive interview with CNBC Africa. The Minister highlighted key points about the country's economic landscape and outlined its plans for the future. One of the central themes discussed during the interview was the implementation of the AfCFTA and its impact on Zambia's economy. Minister Mulenga stressed the importance of ensuring that the AfCFTA addresses the aspirations of all African countries to make the single market a success. He noted that while the trade agreement is not yet fully operational, Zambia has been actively participating in discussions to voice concerns and ensure a fair and inclusive implementation process. The Minister highlighted the need for collaboration among African nations to ensure that even the least economically developed countries benefit from the AfCFTA. Another crucial point raised in the interview was the focus on value addition in Zambia's economy. Minister Mulenga emphasized the government's commitment to promoting value addition to raw materials, such as copper and agricultural products like maize. By adding value to these resources, Zambia aims to create employment opportunities, limit capital flight, and bolster its economic recovery agenda. The Minister acknowledged the importance of working with strong economies and attracting foreign investors to support Zambia's beneficiation efforts. The Minister also addressed the discussions with the AfCFTA Secretariat regarding the rules of origin and the response received so far. Minister Mulenga expressed satisfaction with the positive reception of Zambia's concerns by the Secretariat and mentioned plans for further negotiations and technical discussions. He highlighted the ongoing efforts to ensure that all African countries are adequately represented and benefit from the AfCFTA once it is fully operational. In terms of international relations, Minister Mulenga briefly touched on Zambia's engagement with the United States and the upcoming US-Africa summit. While deferring the detailed discussion to the Minister of Foreign Affairs, he mentioned the strong economic ties between Zambia and the US, particularly in sectors like healthcare. The Minister expressed eagerness to enhance bilateral trade relations with the US and participate in the forthcoming summit to strengthen ties and explore new opportunities for collaboration. Looking ahead, the Minister indicated plans for his team's visit to Ghana and participation in the United Nations General Assembly in New York. He highlighted the importance of international engagements and partnerships in realizing Zambia's economic goals and reiterated the country's commitment to pursuing sustainable growth strategies. Minister Mulenga's insights provide a glimpse into Zambia's efforts to navigate economic challenges, harness trade opportunities, and foster a conducive environment for foreign investments. As Zambia continues on its path to economic recovery and trade expansion, its strategic initiatives and partnerships will play a pivotal role in driving sustainable growth and development. The country's commitment to leveraging the AfCFTA, promoting value addition, and strengthening international relations underscores its resolve to build a resilient and thriving economy.