Full implementation of AfCFTA should increase trade

General News of Tuesday, February 5, 2019

Source: ghananewsagency.org

2019-02-05

Mr. Tei Konzi, Commissioner for Trade and Free Movement at the Economic Community of West African States (ECOWAS), said that it was expected that trade between the two countries African states reach 52%, valued at around $ 35 billion by 2022, when the African Continental Free Trade Agreement becomes reality.

He said that 91% of Africa's export trade with the rest of the world accounted for only 6% of world trade volume, adding that "trade among African member states was the way forward."

Mr. Konzi spoke at a workshop organized by the Subregional Office for West Africa (ECA-SRO WA) of the United Nations Economic Commission for Africa. Africa (UNECA) for members of the Network of Economic Journals on the Continental Free Trade Area in Africa (AFCFTA) in Monrovia, Liberia.

The three-day workshop was held to deepen journalists' understanding of AfCFTA in order to support advocacy for ratification and implementation, as well as to disseminate information about the organization. information on the subject as widely as possible.
Mr Konzi said that the increase in trade volumes between Member States has many benefits and urged all stakeholders to rally.

He said the majority of signatories, who have signed the agreement of ALECA-12, are in ECOWAS states, including Ghana, Togo and Liberia.
Of these, eight countries have ratified the agreement with three countries, namely Nigeria, Benin and Guinea Bissau, to sign.

In total, 48 out of 54 countries signed the AfCFTA agreement but needed 22 Member States to ratify it in order to make it operational.

Mr Konzi said the implementation of AfCFTA would speed up the creation of an environment without borders by merging all housing, infrastructure, investors and investments, as well as institutions to better combat poverty, disease and despair.

He said that innovation in the AfCFTA free trade zone implied a dialogue with private and public partnerships rooted in civil society and that highly alert media held the essential elements of a transformation and transformation. 39, a smooth implementation of the agreement.

Mr. Wilfred Banguru, Deputy Minister of Administration, Ministry of Commerce and Industry, expressed hope that the workshop energizes the establishment of a partnership strong and responsible with the network of economic newspapers to improve the visibility and dissemination of information and issues relevant to the sub-sectors. -region for economic and social development.

"We hope that the objectives and expected results of the meeting will materialize as we support and gather all the resources necessary for the success of AfCFTA and the" Africa we want "."

In practice, Liberia has badessed the economic viability of the subregion and has recognized and applied appropriate legislation underpinned by real policy frameworks, as trade is hampered by obstacles that need to be removed by the government. through partnerships as provided for in the agreement.

He added that the benefits of the consolidation of trade would eliminate the current phenomenon of young people who stay in the desert to try to reach Europe and the Mediterranean but die mbadively.

Mr. Dosso Bakary, Acting Director of CEA-SRO WA, said the creation of the Network of Economic Journals would broaden knowledge on AfCFTA, an increased internal dynamic for negotiations, integration and implementation, providing better visibility of Africa 's development agenda alongside the African Union. / United Nations 2030 Agenda in line with the Sustainable Development Goals.