Ministry of Trade says better regulation and trade reforms are key to enable the country attain the aspirations of Malawi 2063, the country’s long-term development plan.
The ministry’s Principal Secretary Christina Zakeyu said this on Friday in Blantyre during the opening of a day-long better regulation and trade reforms workshop that mainly focused on Economic Partnership Agreement (EPA), a scheme to create a free trade area between the European Union and the African, Caribbean and Pacific group of States.
She said better regulation means formulating and implementing policies, laws and regulations that achieve their intended objectives in line with the country’s development plan.
Said Zakeyu: “I believe better regulation or any trade reform significantly contribute to economic growth, employment creation and improving the allocation of resources.
“It helps to improve the balance of payment, strengthening competitiveness of our economy and expand exports while supporting efficient import substitution.”
The meeting, which was jointly organised by JTI Leaf Malawi, Property Rights Alliance and Ministry of Trade, attracted government and private sector officials and members of Parliamentary Committee on Trade, Industry and Tourism.
JTI Leaf Malawi director of corporate affairs and communications Limbani Kakhome said regulations are formulated to safeguard and protect the interests of the public.
“Trade reforms, when successfully implemented, also contribute to improved economic performance by balancing employment generation and resource allocation, with competitiveness and trade payments through the subtle balance of exports and imports,” he said.
On his part, Parliamentary Committee on Trade, Industry and Tourism chairperson Simplex Chithyola Banda assured that they are committed to passing laws that will conform to Malawi 2063 and facilitating better trade.
He said as Malawi is opening up the borders through the African Continental Free Trade Area there is need to ponder on whether the country has the capacity to produce quality products that can compete in regional markets.