[ACCI-CAVIE] The Guided Trade initiative of the African Continental Free Trade Area (AfCFTA) is entering a crucial new phase. Thirty more countries are set to join the programme, bringing the total number of participants to 38, up from just eight when it was launched in October 2022.
This significant announcement was made by Wamkele Mene, Secretary General of AfCFTA, at a press conference in Kigali, Rwanda, ahead of the Biashara Afrika 2024 summit. This event underlines the growing commitment of African nations to trade integration and economic cooperation across the continent.
Accelerated progress towards economic integration
Since its launch, the AfCFTA has made remarkable progress. Mene explained that the increase in the number of participating countries is a direct result of national reforms and improvements to customs systems. These adjustments have made intra-African trade more fluid, while bringing it more into line with the standards set by the free trade area.
This development is crucial to boosting trade between African countries, he added. By facilitating trade, the AfCFTA plays a key role in building the continent’s economic capacity, better positioning Africa in the global economy.
An impact on development and employment
According to Mene, this dynamic of integration is vital not only to boost trade relations, but also to support sustainable development and job creation across Africa. The aim is to transform the commercial landscape by reducing tariff and non-tariff barriers, thereby offering African businesses a more competitive environment that is conducive to growth.
In conclusion, the growing accession of African countries to the AfCFTA demonstrates a collective desire to strengthen the continent’s economic ties, paving the way for a more integrated, prosperous and competitive future for Africa.
The editorial team