SA/Zimbabwe Sample Clauses

SA/Zimbabwe. This agreement has a long history and is dated prior to the foundation of GATT. It turned into a bone of contention between the two countries. While the 1964 agreement allowed Zimbabwean clothing and textiles to enter the South African market at a customs rate of 20%, in 1992 SA raised the tariffs on many Zimbabwean goods. This had huge ramifications for the Zimbabwean economy in terms of industry closures and job losses. A new agreement on textiles and clothing was reached in August 1996. However, the growing negative trade balance between the two countries led SA to increase the quotas allocated to Zimbabwe producers in the clothing and textiles sector. Figure A.1.1 Zimbabwe/South Africa Trade Imbalance, 1993-98, Z$ (Unit=1000) 0 -2000 -4000 -6000 -8000 -10000 -12000 1993 1994 1995 1996 1997 1998 Source: By Authors, data from IMF, 2000. Direction of Trade Statistics.
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