The implementation of the African Continental Free Trade Area (AfCFTA) opens Africa to portentous possibilities that can fast-track the economic transformation of member parties, Secretary-General the AfCFTA Secretariat, Wamkele Mene, he shares.
Speaking at the inaugural AfCFTA-Angola Business Forum, he indicates that the move marks a new trade and investment era for Africa and offers a range of possibilities for businesses across various sectors in the member states.
“Africa is open for business, and Angola is open for business. The business potential of the continent is tremendous in various sectors including agriculture, energy, infrastructure, natural resources as well as the services sector,” Mr. Mene says.
In the area of agriculture, he expresses optimism that is with its vast uncultivated arable land, Africa has the potential to ensure its food sufficiency and to be a major supplier of food not only in the region but around the world.
He adds: “Should we [African nations] be able to cultivate the land and deploy strategies for agro-processing under the context of the AfCFTA, the continent could be a global supplier of food.”
Mr. Mene mentions that the AfCFTA is set to fully harmonize trade in goods and services in addition to improving the business environment by reducing tariff and non-tariff barriers on the continent and at the same time, improving the ease of doing business in Africa.
According to him, the second phase of the AfCFTA negotiations shall include competition policy, intellectual property rights, digital trade, women in trade, investment promotion and protection.
“The combined effect of these trade supporting protocols is to stimulate innovation and competitiveness of the business sector.
I’m confident that this new dawn of continental integration provides opportunities for companies in the range of different sectors,” he affirms.
The AfCFTA-Angola business summit assesses several avenues for boosting intra-Africa investment, specifically between Angola and the rest of the continent investments, which is one of the key deliverables of the AfCFTA.
English