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The success of the African Continental Free Trade Area, which will become operational on Friday, January 1, 2021, depends on the strong partnership between the private and public sectors, says a UN official. “For the African Continental Free Trade Area (AfCFTA) to deliver on its promises, the continent’s public and private sectors must work together,” said the Executive Secretary of the United Nations Economic Commission for Africa (ECA), Ms. Vera Songwe.
In today’s AfCFTA virtual trade launch, Ms. Songwe said that if done right, the AfCFTA “will be the blueprint that drives investment, innovation, and ultimately Africa’s growth and prosperity.” . Ms. Songwe was one of the speakers at the event, which included three African heads of state and the Secretary General of the AfCFTA, Mr. Wamkele Mene, who commended CEPA and other development partners who supported the AfCFTA to the treaty came true. Besides CEPA, other development partners included the United Nations Conference on Trade and Development (UNCTAD), the United Nations Development Program (UNDP) and Afreximbank.
Three heads of state from South Africa, Ghana and Niger also spoke at the ceremony. President Cyril Ramaphosa of South Africa, the president of the African Union, said that while the start of trade represents a milestone for the people, member states must ensure the creation of an enabling environment for the youth and women of the continent to meet. benefit from the opportunities presented. by agreement.
Niger’s President Mahamadou Issoufou congratulated African leaders who helped shape the agreement, saying that the start of the trade was “one of the best New Years gifts for the entire continent.
In his own remarks, President Nana Akufo-Addo, whose country houses the secretariat, described the launch as an important step towards achieving the goal of continental integration. According to Mr. Mene, “Today Africa is trading under the AfCFTA; this is the time for Africa. “
With 54 member states signing it, of which 34 had ratified it, the agreement was a strong signal that Africa was ready to start trading on the basis of new rules and preferences that would ensure an integrated African market, Mene said.
The AfCFTA is the world’s largest trade agreement since the creation of the World Trade Organization (WTO) with the potential to unite more than 1.2 billion people in a $ 2.5 trillion economic bloc and usher in a new era developmental. It has the potential to generate a number of benefits by supporting trade creation, structural transformation, productive employment, and poverty reduction.
The agreement entered into force on May 30, 2019 after the treaty was ratified by 22 countries, the minimum number required by the treaty. Trading was initially scheduled to begin on July 1, 2020, but the COVID-19 pandemic forced the date to be moved forward by six months.
Eritrea is the only country that has not yet made a commitment to the continental body.
CEPA, through its African Center for Trade Policy, has been working with the AU to deepen Africa’s trade integration through the effective implementation of the agreement by supporting the ratification process of the AfCFTA through policy advocacy.
CEPA is also helping member states develop national strategies for the implementation of the AfCFTA in partnership with the AUC, the International Trade Center (ITC), UNCTAD and a selection of independent trade experts with financial support from the European Union. (EU).
