The Chairperson of the African Union Commission H.E. Moussa Faki Mahamat has commended the remarkable strides made in the operationalization of the Africa Continental Free Trade Agreement (AfCFTA) aimed at promoting the economic integration of African Union member states.
Speaking during the opening of the Ordinary Session of Executive Council of Ministers of Trade last Wednesday, during the Africa Industrialization Week, in Niamey, Niger, Mousa said the progress of the trade agreement that has so far been ratified by 43 out of the 55 member states is a ‘source of satisfaction and pride’.
“The establishment of the functional structure of the AfCFTA Permanent Secretariat was done in parallel with the launch of negotiations under the first phase devoted to trade in goods and services. This phase, which was crowned with success, recorded, among other things, the commitment by the States Parties to eliminate customs duties on 97% of tariff lines and laudable progress on issues related to trade in goods, in particular trade facilitation, trade dispute settlement, rules of origin, non-tariff barriers and institutional arrangements.”
“The second phase of the negotiations has also seen remarkable progress. It covered protocols relating to investment, competition policy, intellectual property rights, e-commerce and the participation of women and youth in trade.” He added.
He however pointed out that the greatest challenge of the AfCFTA remains strengthening of trade between the countries of the continent that are more open to the outside world through agreements already signed which manage the bulk of their trade.
“It is a question of developing the capacity to successfully transform our productive structures with a view to increasing the complementarity of intra-African trade.”
“Convergence should also be ensured by reducing the large gaps between Member States and between Regional Economic Communities in terms of development and level of integration.” Mousa added.
In her speech, H.E. Ms. Aissata Tall Sall, the Minister of Foreign Affairs and Senegalese Abroad and President of the Executive Council renewed calls for commitment from member states for the rapid ratification of instruments related to the creation of African financial institutions, namely the African Central Bank, the African Monetary Fund and the African Investment Fund. “It is the synergy of all these efforts that will allow us to meet the challenge of economic development and, by extension, the achievement of the Africa we want.” She said.
Meanwhile Antonio Pedro, the Acting Executive Secretary of the United Nations Economic Commission for Africa (UNECA) reaffirmed the UN’s commitment in supporting the AU in achieving Africa’s sustainable and inclusive industrialization and economic diversification, saying the AfCFTA offers Africa a blueprint for a faster and effective industrialization in a green, inclusive and sustainable way, by putting in place necessary conditions for transformational investment, diversification and sustainable development in Africa.
“Industrialization is not an option for our continent; it is indeed an imperative. Simply put, by adding value to Africa’s natural and mineral resources here on the continent, we can turn the persistent bane of our resources into a persistent boon.” he said.
Launched in 2019, The African Continental Free Trade Area (AfCFTA) is one of the flagship projects of the African Union’s Agenda 2063: The Africa We Want. The trade agreement aims to bring together all the Union’s 55 Member States, covering a market of more than 1.3 billion people, through eliminating barriers to trade and promoting intra-African trade.
