TANZANIA – Tanzania’s National Executive Committee recently convened to assess and enhance the nation’s implementation of the World Trade Organization (WTO) agreement in a bid to strengthen its global trade ties.
The committee, tasked with overseeing the execution of international business empowerment under the WTO, delved into discussions aimed at fortifying Tanzania’s role and responsibilities within this critical framework.
Led by Dr. Hashil Abdallah, the Permanent Secretary in the Ministry of Industry and Trade, the committee’s meeting emphasized the importance of a stable and predictable business environment.
The WTO, designed to facilitate free trade while minimizing adverse effects, underpins economic growth, boosts employment, and fosters the integration of developing nations into the global trading system.
To ensure effective evaluation and strategic planning, the National Executive Committee engaged with representatives from key institutions such as the Tanzania Bureau of Standards (TBS), Tanzania Chamber of Commerce Industry and Agriculture (TCIAA), and the Tanzania Private Sector Foundation (TPSF).
Additionally, the committee stressed the significance of liaising with both private sector entities and government institutions overseeing business activities.
Dr. Hashil reiterated the government’s dedication to creating an investor-friendly environment. Rather than engaging in business directly, the government aims to streamline processes.
This includes reducing the time required for permits and minimizing the overall cost of doing business in Tanzania. Such initiatives are poised to attract increased investments, fostering economic vitality and sustainable development.
Regional collaborations for a prosperous future
Crucially, the committee acknowledged the importance of regional partnerships.
Tanzania is an active member of regional development communities such as the Southern Africa Development Community (SADC) and the East African Community (EAC). Collaborative efforts with these organizations further bolster Tanzania’s position in the global trade arena.
Following comprehensive deliberations, the committee aims to craft resolutions that will guide Tanzania towards achieving anticipated success in WTO agreement implementation. These resolutions are expected to pave the way for a more robust, competitive, and globally integrated Tanzanian economy.
“In order to evaluate and issue strategic directives, the National Executive Committee on business empowerment should meet with executives and the whole community through private sector and government institutions overseeing business activities,” Dr. Hashil echoed.