Senior officials on Wednesday called for accelerated efforts to eliminate trade barriers and build robust regional value chains to drive Africa's economic integration during the second edition of the African Continental Free Trade Area (AfCFTA) Business Forum held in the Rwandan capital of Kigali.
KIGALI, Oct. 10 (Xinhua) -- Senior officials on Wednesday called for accelerated efforts to eliminate trade barriers and build robust regional value chains to drive Africa's economic integration during the second edition of the African Continental Free Trade Area (AfCFTA) Business Forum held in the Rwandan capital of Kigali.
Emphasizing the private sector as the engine of growth, officials highlighted the necessity of enhanced cooperation, reduced logistics costs, and the free movement of goods and people to unlock the full potential of the AfCFTA.
Speaking at the forum, branded "Biashara Afrika 2024," Deputy Chairperson of the African Union Commission Monique Nsanzabaganwa urged African leaders and the private sector to capitalize on the opportunities presented by the AfCFTA.
"The AfCFTA has the potential to create tremendous wealth while unlocking industrialization on our continent," Nsanzabaganwa said, underscoring the importance of building value chains and supply networks to foster economic growth and development.
Wamkele Mene, secretary-general of the AfCFTA Secretariat, reiterated the critical role of trade in alleviating poverty and promoting economic integration across Africa. "Trade and access to new markets are essential for us as Africans to reduce poverty," Mene said.
Reflecting on the progress made since the AfCFTA agreement was signed in March 2018, Mene acknowledged ongoing challenges but emphasized the private sector's crucial role in implementing the agreement.
He highlighted that the AfCFTA offers a clear path to overcoming poverty by intensifying efforts toward economic integration. The agreement has been ratified by 48 countries, marking significant progress. However, he urged continued action, particularly in eliminating non-tariff barriers, facilitating trade, and enhancing logistics.
Rwandan President Paul Kagame stressed that removing non-tariff barriers and facilitating cross-border movement should remain top priorities for African governments.
"Reducing freight and logistics costs would also be a game changer," Kagame said, noting that Africa has some of the highest freight costs globally.
Discussing the low level of intra-African trade under the AfCFTA, Kagame identified the lack of free movement as a significant obstacle.
He further stressed the need to address political and governance issues, saying, "We need to fix our politics, our governance, and it all begins with mindset and clarity of vision."
Kagame also reflected on the journey of the AfCFTA, noting its origins in Kigali six years ago and its operational launch in Niamey, Niger, a year later. "These two historic moments demonstrate our commitment to the economic unity and prosperity of Africa," he said.
Kenyan Cabinet Secretary for Investments, Trade, and Industry Salim Mvurya Mgala shared his optimism about the AfCFTA's transformative potential for Africa's economies.
"We believe that AfCFTA is a powerful tool that will transform the economies of Africa and inspire the potential for growth and prosperity," Mgala said.
Under the theme "Dare to Invent the Future of AfCFTA," the forum, running until Friday, has attracted over 1,000 private sector leaders, entrepreneurs, policymakers, heads of state, and government officials. The event focuses on building regional and continental value chains and establishing reliable supply chain networks.
The AfCFTA, a flagship initiative of the African Union's Agenda 2063, aims to create the world's largest free trade area by eliminating trade barriers and increasing intra-African trade, particularly in value-added goods.
With a market of 1.3 billion people and a combined gross domestic product of 3.4 trillion U.S. dollars, the AfCFTA holds the potential to generate jobs, create regional value chains, attract investment, and boost economic development across Africa. ■
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