The AfCFTA Secretariat signs a memorandum of understanding (MoU) with the United Kingdom (UK) to strengthen trade facilitation cooperation, particularly along the Abidjan-Lagos corridor.
This MoU falls into two broad areas for the AfCFTA, namely trade in goods—in particular, Customs cooperation, transit and trade facilitation. It also falls in the category of other areas of our work including facilitating investment promotion in Africa using the single market as a tool and catalyst.
Mr. Mene notes that businesses are embracing the opportunities that have been presented by the single continental market.
“We have witnessed that enthusiasm and energy of the private sector to rise to the occasion and to take advantage of the AfCFTA, particularly small and medium enterprises that are led by women and young entrepreneurs,” he adds.The AfCFTA boss further highlights the significance of prioritizing trade facilitation in the attainment of the AfCFTA’s objectives.
“The United Nations Conference on Trade and Development (UNCTAD) estimates that improvements in trade facilitation are achieved through the AfCFTA, US$85billion will be added to intra-Africa trade and this will represent over 120percent increase by the year 2022,” says Mr. Mene.According to the Secretary-General, the AfCFTA Secretariat is focusing intensively on harmonizing Customs procedures and border efficiencies.
He adds: “This MoU we have signed today will give us the opportunity to address challenges relating to trade facilitation across the region.”UK’s Minister for Africa, James Duddridge, bemoaned the low level of intra-Africa trade and the challenges encountered by traders on the corridors of Africa.
“It is in the UK’s interest to have a stronger Africa trading with one another and being a force for good within the continent and beyond. We are a long-term partner for Africa and the free trade agreement,” he affirms.
English