By Joseph Mwendapole , The Guardian
TRADE volumes between the United States and Tanzania are still quite low, bringing up the need for enhanced dialogue to remove trade barriers between the two countries to boost the volume of trade, US ambassador Michael Battle has declared.
He made the remarks at a US-Tanzania commercial dialogue session bringing together American and Tanzanian trade companies to discuss the digital economy, access to markets, improvements in regulations and the wider commercial environment.
The two sides also appealed for tours and trade exhibitions to elevate trade ties, an engagement proceeding from an October 19, 2023 memorandum of cooperation (MoC) between the two countries, outlining key areas of focus in envisaged cooperation.
These include the digital economy, market access, regulatory environment and the business climate, structural reforms, trade missions as well as trade fairs, he said, noting that at the meeting, local and visiting traders will map out proposals on how to remove trade barriers.
Citing expected renewal of the Africa Growth and Opportunity Act (AGOA) he said it enables Tanzanian traders to sell products in the US market for another 16 years, promoting growth in business by opening the US market.
"Commercial dialogue is an appropriate way to promote American business to set foot, also developing Tanzanian businesses seeking to enter the US market,” he said, underlining the need for regular discussions concerning existing trade barriers.
Affirming that there is scope for much larger trade volumes, he pointed at AGOA as a major element in trade relationships, alongside links between the local US Chamber of Commerce and its counterpart chamber for Tanzanian traders in the US. “They will be working side by side to increase trade and investment between our countries," he stated.
Using digital technology will bring about new avenues as well as expanding the scope of links for the provision of government services for small and medium businesses, which all shows the vital importance of a digital infrastructure, he further noted.
Dr Hashil Abdallah, the Industry and Trade permanent secretary, said that trade statistics show rising trade volume with the US, from $309m in 2016 to $476.1m in 2023, underlining that this tendency shows the potential to enhance trade volumes in the coming years.
This calls for efficient utilisation trade and investment opportunities, he said, laying accent on commercial dialogues platforms. Expressing optimism on the African Trade and Investment (ATI) project of the US government, he said that this initiative is crucial for supporting Tanzanian trade activities and boosting exports via AGOA.
"We anticipate the ATI project will help increase export volumes to the US and generating export earnings of up to $1.48bn," he added.
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