Members of the African private sector have demanded that the Pan African Payment Platform be fully operationalized, that work on Rules of Origin be completed, that negotiations on the schedule of tariff offers be finished, and that all issues pertaining to the effective implementation of the Africa Continental Free Trade Area be swiftly resolved (AfCFTA).
At the Lighting of the Africa Trade Torch for the implementation of the AfCFTA, which was held concurrently in Zambia and other member state countries, they took the decision yesterday.
Francis Meshioye, the president of the Pan-African Manufacturers Association (PAMA), urged support for the African Union and the AfCFTA Secretariat in their efforts to develop strategic approaches that will guarantee that trade in the AfCFTA corridor stimulates inclusive development in Africa through a strategic framework.
The framework is anticipated to make it easier for capital to enter the continent, ensure that trade in manufactured goods will increase thanks to better industrial capacity, and ensure that women, young people, innovation, and technology development will be taken into account in the implementation roadmap.
Others include addressing the macroeconomic environment, low competitiveness, lack of infrastructure for trade facilitation, prevalent in many African countries, deliberate development of industrial inputs to lessen reliance on the global supply chain, purposefully removing all historical physical borders in Africa, promoting peaceful coexistence and the security of lives and property, as well as effective support for all organized private sector.
While reiterating their dedication to the smooth operationalization of AfCFTA, he claimed that the private sector is crucial to the transformation of trade in Africa.
Meshioye said that the AfCFTA is the world’s largest single market, with a Gross Domestic Product (GDP) of over $2.6 trillion, and that it will increase exports from Africa by more than $600 billion, with an increase in wages of more than 10%.
According to Meshioye, this offers a rare chance for expanded trade and production volume, as well as for building lasting prosperity for the continent to significantly reduce poverty.
According to him, the single liberalized market for free trade in goods and services under the AfCFTA presents a once-in-a-lifetime opportunity for African countries to increase trade and refocus national economic, investment, and industrial policies to be in line with continental aspirations to promote private sector development.
In addition, more African multinational corporations will emerge, according to Meshioye, who also said that this will hasten the process of fully integrating the continent into the world economy.
In a separate speech, Dr. Amany Asfour, president of the Africa Business Council, emphasized the need for close cooperation between African nations to implement the AfCFTA and strengthen regional economies.
She stated that despite the difficulties on the continent, the council is looking forward to the integration of Africa to ensure that its economies grow.
Asfour added that manufacturing and industrialization are essential to the realization of the trade agreement and that the lighting of the Africa trade torch marks the beginning of the AfCFTA’s implementation.
The African private sector is essential to the smooth operation of the AfCFTA, thus she also urged institutions across the continent to actively support it.
Idris Adoum Idriss, a representative of the Africa Youths Entrepreneur from Chad, praised the event and noted that the program is crucial for young entrepreneurs on the continent as they contribute significantly to economic progress.
