Story by John Nhandara
The number of African countries trading under the Africa Continental Free Trade Area (AfCFTA) has grown from seven in 2022 to 39 by September this year, the 12th annual Conference of Speakers of African Parliaments has learned.
The three-day annual conference entered its second day this Thursday, tracking progress in the implementation of the AfCFTA and how parliaments can assist in creating an enabling legislative and policy environment.
Nigeria’s Deputy Speaker of House of Representatives, Honourable Benjamin Kalu said, “With digital trade growing at 40 percent anually, how does AFCFTA plan to leverage Africa’s digital economy to foster cross boarder trade, innovation and cross boarder entrepreneurship?”
“Member states must be capacitated on the harmonisation of appropriate policies strategies for effective implementation of this agreement,” noted Eswatini’s Speaker of Parliament, Honourable Jabulani Mabuza.
African Continental Free Trade Area’s chief executive officer, Mr Wamkele Mene briefed speakers of parliament that remarkable progress has been made in the implementation of the continental blue print where several protocols have been concluded and adopted.
“The recent protocol adopted by the assembly heads of states and government during their 37th ordinary session was adoption of protocol on digital trade and adoption of protocol on women and youths in trade. The AFCFTA protocols, read together, will establish a very strong foundation for us as Africans to boost intra-Africa trade, to create jobs, to trade in value added products using rules that are ours. It includes very important aspects for Africa’s digital economy,” he stated.
The AfCFTA has also identified a private sector strategy in the implementation of projects in countries such as Zimbabwe, Ghana and Ethiopia to support intra-Africa trade.
“We have identified a private sector strategy which heads of state and governments adopted. We are working to support intra-Africa trade in a number of countries. Some of the projects that we have already embarked on under this private sector strategy include large scale agriculture production facility in Zimbabwe, food parks in Angola, modern food reserve system in Ethiopia, value added coco processing in Ghana and Cote d’Ivoire and identifying meat value chains in Botswana and Namibia,” Mene added.
Recent data released by the AFREXIM bank indicates that intra-Africa trade reached US$192 billion last year, marking a 3, 2 percent increase from the previous year despite the global economic challenges.
The report also identifies an estimated export potential of over US$70 billion in Africa.
This Thursday’s meeting was chaired by PAP President, Chief Fortune Charumbira.
