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South African Trade and Industry Minister Ebrahim Patel on Friday called on the country’s manufacturers and farmers to prepare for opportunities in export markets when the African Continental Free Trade Agreement enters into force on Friday.
Patel, while he believes the deal could create more job opportunities, said it could also help South African manufacturers expand into new available markets in West, Central and East Africa.
“Trade with the rest of the continent is a fundamental source of growth in production and employment. African countries recognize that industrialization is essential for the development of the continent, ”he said.
Patel said the deal could potentially transform business in Africa, although its impact will not be immediate.
“The new Agreement that enters into force today will take some time to become fully operational, but it has the potential to be transformative for Africa, breaking our dependence on a neocolonial pattern of trade that characterized trade,” he said.
He also said that this was an opportunity to build advanced economies and innovative businesses.
“It will take dedication and disciplined implementation over the next several years to fully reap the benefits,” he added.
The free trade agreement, launched in March 2018 in Rwanda’s capital Kigali, has so far brought together 54 signatories members of the African Union.
The United Nations Economic Commission for Africa said the African free trade agreement has the potential to boost the level of intra-African trade by more than 52 percent by 2022.
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