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The African Continental Free Trade Area Agreement (AfCFTA) marked a new era of progress, African Union (AU) President Cyril Ramaphosa said on Saturday.
“The beginning of the negotiation in the framework of the AfCFTA on January 1 is one of the most important milestones in the continental integration project,” he said when speaking at the XIII Extraordinary Summit of the AU in which the leaders met virtually to discuss the AfCFTA and conflicts, among others. issues.
Ramaphosa called on the private sector to get involved in this by investing in financial resources and infrastructure development.
He said the trade deal, which was a sign that the continent was ready to take over its development, would change trade within the continent and make it more attractive as an investment destination.
“The AfCFTA will boost intra-African trade, promote industrialization and competitiveness, and contribute to job creation, and unleash regional value chains that will facilitate Africa’s significant integration into the world economy,” he said.
Ramaphosa said that the AfCFTA will promote multilateralism.
“In the context of global developments in trade, including threats to the multilateral system, the AfCFTA is more critical than ever,” he said.
She added that the trade agreement should also be used to empower women and increase women’s access to business opportunities.
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