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AfCFTA in full steam despite challenges, says secretary-general

Published by The Nation on Thu, 14 Jan 2021

By Bola OlajuwonAfricas journey to market integration is now in full steam under the African Continental Free Trade Area (AfCFTA) with the kick-off of trading on January 1, Secretary-General Wamkele Mene said.Mene, who spoke during a virtual news conference, dismissed talks that the AfCFTA arrangement was being rushed, saying theres no trade agreement where all members were ready at the same time.According to him, countries like Ghana, Egypt and South Africa were in fact prepared with the required customs infrastructure to ensure commercially meaningful trading started.The AfCFTA Secretary-General said Ghana had on January 4 officially recognised the first consignment of goods to be exported under the AfCFTAan event other countries would be replicating soon to mark the milestone.The most important point that I want to emphasise is that Africa is now trading under new rules and new preferences because we want to build a single integrated market on the African continent. It may take some time before each of us sees the direct benefit. We are not going to be deterred by our critics who say they dont see evidence that trading has actually started, Mene said.According to him, market integration is not an event but a process that takes time, pointing out that it took the European Union (EU) almost 60 years to achieve its current depth of integration.I have never heard of a trade agreement where all countries were ready on Day One; I dont know it. Africas market integration would take some time but you have to start somewhere, he said.The continental trade deal was earlier scheduled to start officially on July 1 last year but was postponed by six months due to the COVID-19 pandemic.Read Also:MAN to FG: Position SON for better AfCFTA gainsThe AfCFTA provides the opportunity for Africa to create the worlds largest free trade area, with the potential to unite more than 1.2 billion people, in a $2.5 trillion economic bloc and usher in a new era of development. It also has the potential to generate a range of benefits through supporting trade creation, structural transformation, productive employment and poverty reduction.Only Eritrea out of the continents 55 countries is yet to sign the agreement, which has already been ratified by 34 member states.Through its African Trade Policy Centre (ATPC), the Economic Commission for Africa (ECA) has been working with the African Union Commission (AUC) and member states to deepen Africas trade integration and effectively implement the agreement through policy advocacy and national strategy development.The ECA also works with the International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD), and independent trade experts with the financial support of the European Union to support the implementation of the AfCFTA across the continent.Bola Olajuwon, Development Journalist & Assistant Editor, The Nation Newspapers, Vintage Press Limited, 27B Fatai Atere Way, Matori, Lagos, Nigeria P.M.B. 1025, Oshodi, Lagos. GSM lines: +2348034296895, +2348189045055, +2348055666407 E-mail:bolaolajuwon@yahoo.comRecent awards:*Nigeria Ports Authority Maritime Reporter of the Year (Nigeria Media Merit Award 2019).*Runner-up for Keystone CSR Reporter of the Year (Nigeria Media Merit Award 2019).
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