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AfCFTA’s Role in Promoting Economic and Trade Integration in Africa and Beyond

by Geraldine S.
08/17/2023
in Global Trade, Trade Agreements

Wamkele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, highlighted the broader objectives of the AfCFTA agreement, emphasizing its role not only in fostering continental trade and economic integration within Africa but also in facilitating economic integration and trade engagement between Africa and the rest of the world. Mene articulated that the agreement aims to boost both intra-African trade and trade in “made-in Africa” goods and services globally. During a fireside chat on the theme “Building Momentum towards AfCFTA Implementation: Overcoming Challenges” with Pradeep Mehta, the Secretary-General of CUTS International, Mene praised the significance of the AfCFTA agreement for the African continent. He noted that the full implementation of AfCFTA is expected to significantly enhance trade, accelerate economic growth across the continent, promote diversification, and generate employment opportunities, particularly for Africa’s burgeoning youth population.

Mene emphasized that Africa now possesses a unified set of trade rules governing more than 90% of tradable products. This accomplishment underscores Africa’s commitment and readiness to shape its economic destiny, with the AfCFTA offering a unique opportunity to transform the continent’s economies away from resource-based export models towards manufacturing and import substitution. Regarding the implementation of AfCFTA, Mene highlighted key initiatives and tools introduced by the Secretariat, including the AfCFTA Rules of Origin (RoO) Manual, AfCFTA e-tariff book, and the Guided Trade Initiative (GTI). He explained that the AfCFTA e-tariff Book has been deployed to enhance accessibility to tariff concession schedules for Trade and Customs Authorities. The GTI, launched in October of the previous year, has successfully initiated trade among eight initial State Parties on a pilot basis, benefiting both private sector businesses and consumers. Mene stressed the vital role of partnerships and enhanced collaboration among Regional Economic Communities (RECs) and member states in the successful implementation of AfCFTA and the promotion of intra-African trade.

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Acknowledging global economic challenges such as geopolitical tensions, inflationary pressures, supply chain disruptions, anti-globalization sentiments, the COVID-19 pandemic, and the Russia-Ukraine conflict, Mene emphasized the urgency of accelerating AfCFTA implementation to enhance the resilience and competitiveness of African economies regionally and globally. Mene commended CUTS International for its four-decade-long commitment to evidence-based research and advocacy, contributing to informed public policy, inclusive growth, and sustainable development in Africa and worldwide. In response, Pradeep Mehta emphasized the transformative potential of AfCFTA for the African continent and called for the AfCFTA Secretariat to expedite its seamless implementation. He also discussed the work of the G20/B20’s Council for Africa’s Economic Integration and how it can assist AfCFTA in establishing a common market in Africa.

Mehta concluded by expressing gratitude to Wamkele Mene and all distinguished participants at the event, emphasizing the need for an MOU with the AfCFTA Secretariat to support its smooth achievement of its goals. He underscored the role of non-partisan non-government organizations in advancing community interests through evidence-based contributions, even in situations where certain aspects may face resistance. CUTS International operates in various countries globally, with offices in Geneva, Jaipur, New Delhi, Hanoi, Calcutta, Nairobi, Lusaka, Accra, and Washington D.C. The organization is actively involved in research, advocacy, and capacity-building initiatives across a range of areas, including AfCFTA Consumer Protection, Education & Awareness, Competition Law and Policy, Trade and Sustainable Development, Investment, Economic Regulations and Fiscal Policies, Healthcare Policy, Education Policy, and Economics.

Discover supply chain news insights on The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com with free tools.

#AfCFTA #AfricaTrade #EconomicIntegration #TradeAgreement #MadeInAfrica #AfCFTATariff #AfCFTARulesOfOrigin #AfCFTAGuidedTradeInitiative #IntraAfricanTrade #GlobalTrade #EconomicGrowthAfrica #YouthEmployment #SustainableDevelopment #CUTSInternational #RegionalEconomicCommunities #TradeResilience #AfricanEconomy #PolicyAdvocacy #GlobalSupplyChains #G20Council #B20Council #TradePolicy

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