ADDIS ABABA – The African Continental Free Trade Area (AfCFTA) is a pivotal strategy for Africa’s growth and development, experts agree. By fostering intra-African trade, the AfCFTA serves as a gateway to global markets.
The African Trade Policy Center Former Coordinator David Luke emphasized that the AfCFTA is not just about trade liberalization within Africa but also about opening the continent to the world. He highlighted the critical need to reduce tariffs and non-tariff barriers, suggesting a comprehensive reporting system, similar to Jigsaw, to streamline these efforts.
The AfCFTA, a cornerstone of Africa’s Agenda 2063, aims to boost intra-African trade, reduce reliance on imports, promote local service industries, create jobs, improve welfare and 1ncrease income for all citizens.
The African Export-Import Bank President and Chairperson Benedict Okey Oramah (PhD) underscored the importance of the Intra-African Trade Fair as a platform for facilitating trade and investment deals.
He emphasized that the AfCFTA aligns perfectly with the bank’s mandate, fulfilling its vision of a connected, free trade area for the continent. He also stressed the crucial role of Small and Medium Enterprises (SMEs) in driving economic growth, highlighting the need for capacity building to support their development.
Economic Development, Trade, Tourism, Industry, and Minerals, Commissioner Albert M. Muchanga noted that an online mechanism for reporting and monitoring non-tariff barriers is already in place. He emphasized the importance of addressing technical barriers to trade through the development of the “Made in Africa” standard, expected to be implemented by the end of the year.
Albert also pointed out that manufacturing goods currently account for 42% of inter-African trade, compared to 52% of international trade. To increase intra-African trade, he stressed the need for increased investment in manufacturing and emphasized the importance of collaboration with institutions like the African Development Bank and the African Export-Import Bank to develop Agro Parks.
BY ESSEYE MENGISTE
THE ETHIOPIAN HERALD SATURDAY 11 JANUARY 2025
