Africans urged to expedite implementation of AfCFTA as crucial instrument to realize integration

Addis Ababa, November 5, 2024 (FBC) – Ethiopia’s State Minister of Trade and Regional Integration, Yasmin Wohabrebbi has stressed the need for full implementation of the historic and transformative African Continental Free Trade Area (AfCFTA) agreement.

The 19th meeting of the committee of AfCFTA Senior Trade Officials (STOs) is taking place in Addis Ababa, local newswire service ENA reported.

Opening the three-day meeting today, the state minister said African Continental Free Trade Area (AfCFTA) is a transformative agreement for trade integration in Africa.

Ethiopia has been undertaking notable economic reforms including the financial sector, telecom, and opening up of import and export trade, among others, the state minister pointed out.

As the reform promotes trade integration, Ethiopia is laying successful implementation mechanism of AfCFTA as well, it was indicated.

The state minister stressed the need for the full implementation of the AfCFTA which is crucial for realizing economic integration of the continent.

Chief technical advisor at AfCFTA Secretariat, Tsotetsi Makong said AfCFTA is instrumental to transform trade landscape in Africa and realize a unified market in the continent.

This continental agreement is a game changer in Africa’s inclusive development and pivotal for fulfilling the goal of realizing one Africa market.

It is not only a trade agreement, he said, adding it is a shared prosperity in Africa.

Similarly, Chairperson of the STOs Hashil Abdalah affirmed that AfCFTA is an important pillar for the economic social and political development of the continent.

AfCFTA aims at accelerating intra-African trade and boosting Africa’s Trade position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations, it was learned.

AfCFTA agreement will create the largest free trade area in the world measured by the number of countries participating.

The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at 3.4 trillion USD.

It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures.