ZBC | 11 December 2019
Cabinet approves ratification of Comesa-EAC-Sadc free trade
Cabinet has approved the ratification of the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement in the drive to spur intra-regional trade and boost economic development among the 29 member states.
Addressing journalists in a post-cabinet media briefing in Harare this Tuesday, Information, Publicity and Broadcasting Services Minister, Senator Monica Mutsvangwa stated that the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement is set to assist Zimbabwe in reducing the cost of doing business while at the same time ensuring the country enjoys a wider market reach.
“Cabinet considered and approved the Ratification of the COMESA-EAC-SADC Tripartite Free Trade Area (TFTA) Agreement, which the Minister of Justice, Legal and Parliamentary Affairs presented as Chairman of the Cabinet Committee on Legislation.
The TFTA brings together combined membership of COMESA, EAC and SADC under a single free trade area, thereby addressing the challenge of multiple membership and boosting intra-regional trade and economic development among Member States,” Senator Mutsvangwa said.
She also highlighted that cabinet agreed with the Ministry of Energy and Power Development that service stations exacerbating the fuel crisis should be fined.
“Following an Update Report by the Minister of Energy and Power Development on the Country’s Power and Fuel Supply Situation, cabinet noted with concern that although the daily average diesel and petrol uplifts for the past week had increased compared to the previous week, fuel queues continue to be visible.
Consequently, cabinet reiterated that all service stations caught engaging in illegal activities be identified and perpetrators brought to book through fines and where appropriate, withdrawal of operating licences,” she revealed.
Tuesday’s cabinet meeting also discussed on the status of the 4th, 100-Day Cycle Priority Projects with the Ministry Of Local Government and Public Works recording progress in the construction of the ZRP Tomlinson Depot Flats in Harare, with the Magamba Extension Water Reticulation in Rusape now at 80 percent completion as well as the construction works on the Harare-Bulawayo road bridge-over-rail in Norton being completed, with the bridge now awaiting commissioning.
It was also highlighted that developmental projects across the different ministries are also on course, with cabinet expecting positive outcomes of the 4th 100-Day Cycle Priority Projects programmes.