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ADDIS ABABA, Jan. 2 (Xinhua) – As AfCFTA negotiations begin on Friday, Executive Secretary of the Economic Commission for Africa (ECA) Vera Songwe called for close cooperation between the public and private sectors for the continent. African. Free Trade Zone (AfCFTA) to deliver on its promises.
Songwe has praised the role of the AfCFTA in driving investment, innovation, and ultimately the growth and prosperity of Africa.
Trade under AfCFTA was marked by the transaction, whereby Ethiopian Airlines transported the first batch of goods, for which a ceremony was held on Friday at Addis Ababa Bole International Airport in the Ethiopian capital.
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.
Speaking at the ceremony held at the Bole International Airport facility, Ethiopia’s Minister of Commerce and Industry, Melaku Alebel, noted that although it was delayed due to the COVID-19 pandemic, the launch of the AfCFTA came at the right time to that people would trade with fewer barriers between them.
The Minister has also praised the role of the AfCFTA in creating more employment opportunities for young Africans, additional product destinations within Africa and technology transfer, among others.
According to CEPA, the Commission, through its African Trade Policy Center, has been working with the AU to deepen Africa’s trade integration through the effective implementation of the agreement by supporting the process of ratification of the AfCFTA through the promotion of policies.
The ECA is also helping member states develop national strategies for the implementation of the AfCFTA in partnership with the AU, the International Trade Center (ITC), UNCTAD and a selection of independent trade experts with financial support from the European Union. (EU).
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.
The AfCFTA is the world’s largest trade agreement in terms of participating members since the creation of the World Trade Organization (WTO) with the potential to unite more than 1.2 billion people in an economic bloc of 2.5 trillion US dollars 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.
