In terms of raw materials, Namibia exports largely diamonds (25%) and uranium (25%) along with food and live animals, and manufactured goods. Namibia’s largest trade partners are South Africa (27%), the UK (17%), the USA, Angola, the Netherlands, and Spain. Namibia imports food, petroleum, chemicals, machinery, and equipment. Namibia’s top import partners are South Africa (66%) and the Netherlands, UK, and China.
Africa Growth and Opportunity Act (Agoa)
In May of 2000, AGOA was enacted into law. It gives qualifying beneficiary Sub-Saharan African (SSA) countries duty-free and quota-free access to US markets for all items (excluding textiles and apparel). After creating the requisite visa system, Namibia was identified as eligible for AGOA benefits and accredited for textile and apparel advantages.
Namibia/Zimbabwe Preferential Trade Agreement
This agreement, which is regulated by origin rules, went into effect on August 17, 1992. Goods cultivated, produced, or manufactured in Namibia, and vice versa, maybe imported duty-free into Zimbabwe if they are entirely produced/obtained in the nation of origin. Registration with the Ministry of Finance is essential for Namibian exports to qualify for such special treatment. The items must be accompanied by a document of origin, and they must be carried directly without passing through the commercial zone of a third country.
Southern African Development Community (SADC)
The SADC’s ultimate goal is to establish an integrated regional economic block. Angola, Botswana, the Democratic Republic of the Congo (DRC), Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe are the countries that make up the African Union. Namibia used to be in charge of coordinating maritime fisheries and resources, but since the SADC Secretariat was restructured, these functions have been centralized. Although a Free Trade Area was established in 2008, certain members have yet to join.
SADC Economic Partnership Agreement (Epa)
Botswana, Lesotho, Mozambique, Namibia, South Africa, and Swaziland – six SADC member countries – signed an Economic Partnership Agreement (EPA) with the European Union in June 2016. Botswana, Lesotho, Mozambique, Namibia, and Swaziland will have duty-free access to the EU market under the EPA. Better trading terms, mostly in agriculture and fisheries, are included in the new access, notably for wine, sugar, fisheries products, flowers, and canned fruits. The EU will gain significant additional market access to the Southern African Customs Union (for products such as wheat, barley, cheese, meat products, and butter), as well as the security of a bilateral deal with Mozambique, one of the region’s LDCs.
Cotonou Agreement
Namibia is a member of the African, Caribbean, and Pacific–European Union (ACP–EU) trade agreement, which provides non-reciprocal preferential access to the EU market for some ACP exports. Tariff preferences, as well as specific procedures for beef, veal, rum, and bananas, where ACP countries are given preferred treatment based on quotas, are included. From the standpoint of Namibia, an annual quota of around 13 000 tons of boneless beef and veal has been allowed.
Southern African Customs Union (Sacu)
In 1990, Namibia became a member of SACU. Botswana, Lesotho, Swaziland, and South Africa are the other members. The SACU agreement allows for the free circulation of products among its members. Members are prohibited from placing tariffs or quantitative limits on commodities cultivated, produced, or manufactured in the common customs area under Article 2 of the agreement. Duties are imposed on products upon entry into the common customs area, but no further duties are imposed once inside.
AFCFTA
Namibia is one of 31 African Union member nations that have ratified the African Continental Free Trade Area (AfCFTA. The pact intends to strengthen Africa’s economic position in the global market by speeding up intra-African trade. Initially, members are required to remove tariffs on 90% of items, allowing free movement of commodities, goods, and services across the continent. According to the United Nations Economic Commission for Africa, the deal will increase intra-African commerce by 52% by 2022.
World Trade Organisation (WTO)
The World Trade Organization (WTO) is a venue for international trade discussions and the resolution of trade disputes. The General Agreement on Tariffs and Commerce (GATT), the General Agreement on Trade in Services (GATS), and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) are the three primary WTO legal instruments that govern international trade.
