The Economic Commission for Africa (ECA) and communication consultancy AUNIQUEI, with funding from the European Union (EU) today in Dakar opened a consultation with African micro, small and medium enterprises (MSMEs) on the implementation of the African Continental Free Trade Area (AfCFTA).
Business leaders and trade experts from across Africa are participating in the three-day event to gain insight into the challenges the agreement poses to small and medium businesses. The AfCFTA which commenced operations in January is set to create the biggest free trade area in the World with a market of more than 1.2 billion people and a gross domestic product (GDP) of more than US$2.5 trillion.
The bloc has immense opportunities for increasing intra-regional trade, enhancing production, promoting economies of scale, creating jobs, raising incomes and improving the standard of living of the African people.
In her speech to open the meeting, the Director of the African Institute for Development and Economic Planning (IDEP), Karima Bounemra Ben Soltane, said the gathering was intended to see how participants could together boost the agreement’s implementation, adding that, the MSMEs should play their part alongside the public sector if the AfCFTA was to succeed.
Making reference to the COVID-19 crisis, she said in spite of the adverse challenges of the past two years, Africa was making efforts to ensure the success of the agreement, and that when implemented, it would take Africa’s gross domestic product to $3.4 trillion.
Similarly, ECA’s Senior Regional Adviser, Adeyinka Adeyemi, said the forum’s objective was to seek to build a network of African MSMEs as well as to learn what the AfCFTA meant to the enterprises and to help them make money.
Event facilitator and Chief Executive Officer of AUNIQUEI Bunmi Makinwa said the bottom line for the agreement was to ensure free movement of goods and services, enhance business interaction, and that the continent should prosper.
Topics for discussion during the forum include:
- Challenges of AfCFTA implementation, successes and factors that facilitate solutions;
- AfCFTA Implementation in countries, regions and in the business sectors;
- Political, economic and financial reforms on reducing the costs of trading; and
- Logistics, infrastructure, and non-tariff measures to improve the investment and business climate
Participants include representatives of the Economic Community of West African States (ECOWAS), the Federation of West African Chamber of Commerce and Industry (FEWACCI), and women traders groups from across the continent.
Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
