This chapter investigates Zambia’s reforms in terms of two policy frameworks that strongly influence the investment climate: trade policy and competition policy. In terms of trade policy, the chapter explores how Zambia has been enhancing trade policy consistency, and aiming to diversify its trading structure away from mining. A major challenge nonetheless remains the competitiveness of domestic companies, especially SMEs, which affects their ability to benefit from increasing trading opportunities achieved through sound trade policy. In terms of competition policy, the chapter analyses how the recent Competition and Consumer Protection Act aims to enhance enforcement powers of the Competition Commission and further protect consumer welfare, and what implementation challenges remain in this respect.