[ad_1]
Vice President Dr Mahamudu Bawumia said Africa needs the effective functioning of regional economic communities (RECs) if the African Continental Free Trade Area (AfCFTA) is to achieve the desired results.
He said the results would include improved intra-African trade, economic transformation, job creation for the teeming young population and poverty reduction.
Dr Bawumia said this in a speech read on his behalf by the President’s Senior Advisor, Mr. Yaw Osafo-Maafo, at the first coordination meeting of heads of RECs on AfCFTA implementation in Accra.
The overall objective of the three-day meeting is to prepare concrete strategies to improve the effective implementation of the AfCFTA and draw lessons from the implementation of the free trade areas of the RECs.
Currently, there are eight RECs recognized by the African Union, including ECOWAS, East African Community and Southern African Development Community, which had a very important role to play in advancing the implementation of the AfCFTA and the Africa transformation agenda.
The Vice President said that the progress made by the RECs as well as the challenges they have faced over the years has positioned them to promote trade integration among their member states.
He said the AfCFTA has the potential to be a game-changer for the economic transformation agenda and post-Covid-19 recovery if its many benefits are harnessed.
“Without a doubt, the magnitude and scope of these benefits depend on the effective implementation of the AfCFTA Agreement, including strengthening the performance of the RECs and addressing the lingering challenges,” he said. added.
The challenges include inadequate infrastructure, limited production capacity, trade information, and trade development finance.
“We must overcome these challenges in order to continue the process of institutional building, which must also take into account the changing needs and development of our countries.
“We need to work together, as stakeholders and strategic partners, to resolve the complexities of regional integration and ensure that the implementation of the AfCFTA leaves no one behind,” he added.
He said the government is committed to ensuring that “we achieve our continental integration through a meticulous, measured and proactive approach”.
The Secretary General of the AfCFTA Secretariat, Mr. Wamkele Mene, congratulated the heads of the RECs for their commitment to the implementation of the AfCFTA.
He said the RECs should make informed choices on how to benefit from the Agreement, while managing the challenges faced during implementation.
Mr. Mene said that in addition, the implementation of the Agreement would greatly influence the trade policies of the RECs, hence the need to start collaboration at the early stages of implementation, especially with the industry. private, to ensure success.
He said the private sector is a very important pillar in job creation, investment in innovation, research and development and a catalyst for industrialization on the continent.
Source link
