Namibia ratifies partnership agreement

NAMIBIA has ratified the Southern African Customs Union-Mozambique and United Kingdom Economic Partnership Agreement.



The Minister of Industrialisation and Trade Lucia Iipumbu said the agreement was ratified by the National Assembly on 20 October 2020.

“The ratification is necessary to bring the agreement into force and it binds the parties,” she said.
 


In a statement on Monday, the minister explained that the agreement aims to secure continuity for preferential trade between Namibia, Botswana, Eswatini, Lesotho, Mozambique and South Africa with the United Kingdom.



“In 2017, the UK signalled its intent to leave the EU. The exit from the EU means that the UK will no longer trade as part of the EU but will have to create its own trade agenda, which includes entering trade agreements with trading partners,” she explained.



In line with that, the minister said the agreement will come into force when the transition period ends on 31 December 2020 and European Union trade agreements will no longer apply to the United Kingdom. 



She said: “The agreement will also enhance market access, contributing to the reduction of poverty through trade, sustaining jobs and further strengthening trade and investment ties between Namibia and the UK.”



Iipumbu said the ministry hopes this new agreement will contribute to market diversification, increased investments and industrialisation. 



She also urged the business community to utilise this opportunity by increasing their production and exports to the United Kingdom under the new preferential arrangement.
 

Namibia will continue to export its top four products – beef, dates, grapes and charcoal – to the UK,” the minister stated.



Namibia’s total exports to the United Kingdom was about N$6,1 billion in 2019. 



“Namibian exporters, as the main beneficiary, will have certainty that the UK market remains secure,” she added.