Wamkele Mene, Secretary General, Africa Continental Free Trade Area (AfCFTA) has described AfCFTA as a key driver for Africa’s recovery from the impacts of the coronavirus pandemic.
He added that it would help in implementing the continent’s industrialization growth and development agenda.
Mene made the assertion during a courtesy visit to the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos.
“The continent’s ability to trade in merchandise and services inclusive of the airlines industry, tourism and other components was critical to its recovery,
with the objectives of the AfCFTA, by 2035, Africa is on the path to industrial development and we are building a capacity to diversify our exports within and outside the continent,” he said.
Mene also said that Africa, was a significant market with a growing rate of 3.4 percent annually, and the producer of six out of 10 fastest growing economies of the world, but its growth process was disrupted by the pandemic
According to him, the projection of International Monetary Fund is that by 2022, there will be some positive growth trajectory of 2.1 percent for Sub-Saharan Africa if vaccines are made available on time and if AfCFTA is implemented.
Mene also said that the trade agreement had rules that catered to discipline, dumping of products, subsidized products and preferential safeguards amongst others.
He called for concerted efforts by the private sector, AfCFTA Secretariat and regulatory agencies to build greater capacity for the custom authorities of participating countries for the success of the agreement.
This, he said, would ensure the enforcement of discipline and build the capacity of the customs services to implement the trade rules of the AfCFTA effectively.
Mene lauded the efforts of the Nigerian government at establishing its trade remedies authorities to address investigation, issues of origin and punitive measures where necessary.
“At the moment, only two countries – Egypt and South Africa – have their trade remedy authorities ready, and this has the ability to prevent dumping and address many other challenges associated with inter-African trade.
“Nigeria is at the advance stage of establishing a trade recovery remedy authority and this is a very positive step,” he said.
In her remarks, Toki Mabogunje, President, LCCI, said the AfCFTA was largely a story of immense excitement and expectation among the Nigerian business community because of the inherent opportunities.
She added that the trade agreement would make Africa more integrated, united and prosperous, especially in the light of the numerous benefits of a larger market.
“The Chamber believes it is an opportunity for countries to scale up their competitiveness by improving their investment climate, Ultimately, it would be to the benefit of the economies of the continent and the welfare of our citizens,” she said.
LCCI has confirmed that Mene would be a special guest at its forum themed “AfCFTA: Roadmap to a successful implementation” scheduled for March 16.
Also expected to attend is Victor Liman, Acting Chief Trade Negotiator/Director General, Nigerian Office for Trade Negotiations.
