Press Release
“ Building an inclusive and sustainable Ecosystem for Boosting Intra-African Trade”
We Private Sector actors have decided to stand together to applaud the efforts of the African leaders who have collectively moved forward the African Union (AU) Decision to Boost Intra-African Trade and fast track the establishment of the Continental Free Trade Area. It is the same historic decision of 2012 in its Action Plan that includes the creation of an African Business Council (AfBC) that includes all business associations at the national, regional, and continental levels, including women and youth. As the key beneficiaries and drivers of African Continental Free Trade Area (AfCFTA) implementation, the Africa Business Council is inclusive of and collaborating with all private sector organizations, including the AeTrade Group, The Pan African Manufacturers Association,(PAMA) the Pan African Chambers of Commerce and Industry (PACCI),PAFTRAC , The COMESA Business Council , the Federation of West Africa Chambers of Commerce and Industry (FEWACCI), The SADC Business Council ,the East African Chambers of Commerce and Industry Association (EACCIA) The African Alliance for Women Empowerment, Private Sector Associations, Business Councils across the continent,Large African Corporates as SMEs including women and youth to rebuild the African economy that has been devastated by the socio-economic impact of COVID-19 amongst other challenges. The business community further commends all AU Member States for speaking with one voice based on the nearly universal signature of the AfCFTA Agreement signed by 54 out of 55 countries, and the increased number of ratifications.
There are thousands of people who have contributed to the progress on the AfCFTA. His Excellency President Issoufou Mahamadou stands out as the Champion/Leader for the process, and he is highly commended for a job well done. He was able to mobilize the support of his peers to ensure that the Agreement has commercial value by bringing in the major economies on the continent, which collectively represent the majority of Africa’s population and Africa’s natural resources. The AfCFTA is about economies of scale, but it is more about harnessing opportunity and speed. That is why you need a platform to aggregate small production units to meet the demand for bulk production in the continental and global marketplace. The smaller economies stand to benefit as well especially through harnessing digital technologies to leapfrog and grow their economic base despite the challenges of Covid-19. The AfCFTA market is progressively eliminating tariff and non-tariff barriers which will benefit nearly all economies, especially landlocked countries when it comes to trading in goods, movement of peoples and services.
Read the complete press release here
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