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From Patrick Chitumba in Victoria Falls
REGIONAL trade within Sadc member states clocked $58 billion in 2012 from 13.8 billion in year 2000 following the adoption of the free trade area (FTA) policy, an official said yesterday.
Sadc Trade, Finance, Industry and Investment (TIFI) director, Boitumelo Gofhamodimo, told journalists in Victoria Falls that since 2008 the 12-member states under the free trade policy had attained 85 percent tariff removal on critical products.

“Regional trade has increased from $13.8 billion in 2000 to $58 billion in 2012. If all the 15 Sadc member states are included, intra-regional trade would have increased from $14 billion in 2000 to $66 billion in 2012,” she said.

Gofhamodimo said South Africa was the largest trading partner in the region having exported an estimated 40 percent of total intra-regional trade.

Other major exporters include Angola, Zambia and Zimbabwe.

She said efforts were underway towards consolidating the policy and ensuring remaining member states, Angola, Democratic Republic of Congo and Seychelles, also joined the league.

“Sadc member states are still focussing on consolidating and implementing the FTA. The plans have been underway since 2000,” said Gofhamodimo.

She said Seychelles was now ready to join the FTA after its offer to remove all tariffs on goods to promote the smooth movement of goods and services across the region.

Gofhamodimo said Botswana was the leading importer in the region alongside members of the Southern African Customs Union (Sacu), which is made up of Botswana, Lesotho, Namibia, Swaziland and South Africa.

She added that a number of countries in the region had managed to keep their debts below 60 percent of their Gross Domestic Product (GDP).

The on-going 34th Sadc summit is being held under the theme “Sadc strategy for economic transformation: Leveraging the region’s diverse resources for sustainable economic and social development through beneficiation and value addition”.

Zimbabwe hosts the regional summit in the resort town of Victoria Falls with the arrival of heads of states and government set for tomorrow ahead of the official opening on Sunday.

President Mugabe is set to take over the Sadc chairmanship.