ADDIS ABABA- Ethiopia’s bold infrastructure projects are driving Africa’s economic integration, President Taye Atske-Selassie said at the 57th African Economic Commission Conference of Finance and Economic Ministers yesterday.
In his address, President Taye praised Ethiopia’s leadership role in the Ethio-Djibouti railway and cross-border corridors linking Kenya and South Sudan, boosting trade networks.
“Our infrastructure is key to African unity,” he affirmed, citing roads, telecom, and power projects as models. He called for investment in production, digital economies, and transparent systems, as well as support for jobs, women, and small businesses.
The President also urged swift action to realize the African Continental Free Trade Area (AfCFTA).
“Breaking trade barriers needs more than dreams- it takes strategy and commitment,” he said, pushing for effective national cooperation.
AfCFTA Secretary-General Wamkele Mene echoed the need for financial muscle. “To unlock AfCFTA’s potential, we must close the 80 billion USD trade finance gap hitting SMEs, women, and youth,” he said, urging banks to enhance credit and cross-border payments.
United Nations Under-Secretary-General and Executive Secretary of the ECA, Claver Gatete, said that with the AfCFTA, Africa has a master plan for economic renewal. By 2045, it is projected to increase intra-African trade by 45% and enhance Africa’s GDP by 1.2%.
The AfCFTA will also significantly boost expansions in sectors such as agri-food by 60%, industry by 48%, services by 34%, and energy and mining by 28%. It is simply illogical that African countries face higher tariffs when exporting within the continent than when exporting outside of it, according to Claver.
However, the Executive Secretary said that it is certainly a welcome development that with the AfCFTA, participating countries will remove tariffs on 90% of goods they produce and eliminate other non-tariff barriers to trade, including regulatory bottlenecks that impede trade.
Beyond these, the AfCFTA is also a powerful tool for inclusion and economic integration, leaving no country behind, Claver noted.
“In order to achieve the AfCFTA’s full potential, I propose four strategic actions: strengthen partnerships and investment platforms, strengthen regional value chains and special economic zones, mobilize domestic resources for industrialization and curb illicit financial flows, and enhance infrastructure and digital connectivity.” Illicit financial flows siphon 88 billion USD annually from Africa, he added.
Themed “Accelerating AfCFTA Implementation,” the conference underscores Ethiopia’s role as a hub for economic dialogue, cementing its push for a connected African market, it was stated.
BY HAILE DEMEKE
THE ETHIOPIAN HERALD TUESDAY 18 MARCH 2025
