ZAMBIA MEETS CRITERIA TO GRADUATE FROM LEAST DEVELOPED COUNTRIES’ CATEGORY FOR THE FIRST TIME

Zambia is among five countries that have met the criteria to graduate from Least Developed Countries -LDCs- category for the first time.

This means that Zambia will not benefit from preferential market access into developed markets after graduating.

The World Trade Organization -WTO- notes that Zambia alongside Cambodia, Comoros, Djibouti and Senegal are scheduled for graduation by 2026 after meeting all conditions during a second assessment.

Meanwhile Zambia has requested the 12th WTO Ministerial Conference in Geneva to grant a smooth transition to graduating LDCs to enable them adapt to the global economic shocks brought about by Covid-19 and the Russia – Ukraine Conflict.

In her statement to the Conference during a session on Challenges facing Multilateral Trading Systems, Ministry of Commerce Permanent Secretary CHAWE CHUULU said Covid-19 and the conflict in Ukraine have disrupted global trade.

And Mrs. CHUULU has told ZNBC News in Geneva that Zambia has called for an extension of a WTO moratorium on waiving of customs duties on all electronic transactions which was agreed upon in 1998.

Mrs. CHUULU said the call for the extension is on the backdrop of the rise in digital trade and its economic opportunities that youths and women can tap into.

Meanwhile Chinese Ambassador to the WTO LI CHENGGANG pledged his country’s willingness to continue helping LDCs integrate into and benefit from economic globalization.

Mr. LI told Journalists from LDCs in Geneva during a briefing that China has been listening attentively to the needs of LDCs facing graduation challenges and provided a three-year transition period for those who have already graduated.