African Free Trade Agreement Seems Easy But Complicated, We Are Ready To Help

Economic news for Monday, January 18, 2021

Source: Diplomatic affairs

01/18/2021

French Ambassador to Ghana Anne Sophie Ave said the African Continental Free Trade Area (AfCFTA), which entered into force on January 1, 2021, would take longer to settle as the policy of regional integration in his opinion could be more complicated. than estimated.

The AfCFTA seeks to harmonize 1.3 billion people into a $ 3.4 trillion economic bloc in hopes that the agreement will become the largest free trade area since the establishment of the World Trade Organization .

However, the French diplomat, while evoking the prospects of the agreement in an interview with Harriet Nartey on the program Diplomatic Affairs of Pan-African Television on Saturday January 16, 2021, noted that “it seems to be very easy. The truth is, it’s a bit complicated because some products you really want to protect, you want to protect a part of your industry, each country has specifics that they want to keep and how do you do with your currency? And how do you do with the infrastructure? If you say that you want to exchange more between us, but if you do not have the appropriate infrastructure, how do you do that? she questioned.

Although these are looming challenges that threaten the smooth running of the AfCFTA, the Ambassador explained that “there is a way to get there and this is where we are ready to help. We want to partner with these countries ”.

Commenting on whether Africa should learn from the European Union, Anne Sophie Ave called for the agreement to expand to address the unique opportunities and challenges in Africa while liaising with others. economic blocks to learn vital lessons that could give new impetus to -Trade in Africa.