Experts call on African nations to expedite implementation of AfCFTA
Date
6/30/2024 9:02:07 AM
(MENAFN) Experts emphasized the critical need for African countries to expedite the implementation of action plans and national strategies to advance the African Continental Free Trade Area (AfCFTA) and foster economic integration among them. This call was underscored at the "National Consultation Forum on the Development of Ethiopia's AfCFTA Implementation Strategy," held in Addis Ababa, Ethiopia's capital, on Saturday.
Stephen Karingi, Director of the Regional Integration and Trade Division at the United Nations Economic Commission for Africa (UNECA), highlighted the transformative potential of practical AfCFTA implementation. He emphasized that the AfCFTA could significantly boost industrialization, job creation, and investment across Africa. Karingi noted that progress has been made, with 36 African countries and three regional economic communities having developed and launched their AfCFTA implementation strategies. However, he urged the remaining 19 African countries to swiftly deliver their national strategies to accelerate AfCFTA implementation.
Currently, efforts towards AfCFTA implementation include ambitious targets, such as achieving tariff linearization for 97 percent of trade across the continent. Despite these strides, Karingi pointed out persistent challenges such as infrastructure deficits, inadequate transportation networks, and border facilities that continue to hinder the rapid implementation of AfCFTA objectives.
Beyene Petros, Director General of the Ethiopian Policy Studies Institute, acknowledged significant progress since the AfCFTA's entry into force in 2019. Notably, 47 member states of the African Union (AU) have ratified the agreement, underscoring broad regional commitment to advancing economic cooperation and trade integration within Africa.
The discussions at the forum highlighted the collective efforts needed to overcome remaining barriers and ensure the AfCFTA's full potential is realized, thereby driving sustainable economic growth and prosperity across the continent.
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