Accra, 11 August 2022 (TDI): According to Wamkele Mene, Secretary-General of the African Continental Free Trade Area, the AfCFTA accord has advanced significantly over the past several years as a result of the dedication of the continent’s leaders.
Today, while on a working visit in Nigeria, I met with H.E. Olusegun Obasanjo to consult & brief him in his capacity as the Chairperson of the Intra African Trade Fair Advisory Council on recent developments in the implementation of the AfCFTA. pic.twitter.com/uISvI5mUPl
— Wamkele Mene (@MeneWamkele) August 10, 2022
During a discussion with media executives, Wamkele stated that the Secretariat had made substantial advancements in trade regulations, particularly with clear rules of origination, which are essential for tracking the flow of commodities across frontiers.
He deliberated that a divided economy was not helping commerce and investment since more than 5,000 different items are traded in Africa.
He has informed that the agreement is the first milestone for Africa to compete globally through industrial development, saying, “We have now been able to negotiate almost 90 percent of the rules of origin. So, with 5,000 products in Africa, we now have an agreement close to 90 percent. It is a remarkable achievement.”
However, he opined that discussions about textiles, sugar, and autos continued and noted that many nations find the textile industry particularly important.
According to the secretary, Africa would begin trading, relying on the ‘rules of origin agreement’, and all the necessary paperwork is in place. Member nations will also make sure that commerce occurs as required.
Préparatifs #ARFSD2023 au #Niger : la visite de travail à #Niamey de l’équipe de @ECA_OFFICIAL dirigée par @NgoneDiop9 et @AdamJeanPaul s’achève sur un motif de satisfaction de toutes les parties@ANECNiger @PresidenceNiger #ODD #innovation #technologie #GrandeMurailleVerte pic.twitter.com/iYx4hZLU6Z
— ECA West Africa (@ECA_SROWA) August 10, 2022
AfCFTA Objectives
The African Continental Free Trade Area (AfCFTA) aims to further economic integration by establishing a single platform for products and services that the flow of people can easily achieve.
Additionally, it is anticipated to lift 30 million individuals out of severe poverty, increase Africa’s GDP by 7% to $450 Bn by 2025, and increase global GDP by $76 billion.
