Foreign

AfCFTA, key driver of Africa’s economic recovery after COVID-19 – SG

Published

on

Mr. Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA)described the AfCFTA as an engine for Africa’s recovery from the effects of the coronavirus pandemic.

He said this would help restore the effects of the pandemic on the continent’s industry growth and development agenda.

Mene made the claim during a courtesy visit to the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos.

He said the continent’s ability to trade goods and services, including the airline industry, tourism and other components, was critical to its recovery.

Mene said Africa, before the start of the pandemic, was an important market with a growth rate of 3.4% per year, and the producer of six of the world’s ten fastest growing economies.

“With COVID-19, we went from that to a contraction of a magnitude that we haven’t had in about 30 years.

“But with the objectives of AfCFTA, by 2035, by tackling Africa’s trade, Africa is on the path to industrial development and we are building a capacity to diversify our exports domestically and abroad. outside the continent, ”he said.

According to him, the projection of the International Monetary Fund is that by 2022 there will be a positive growth path of 2.1% for sub-Saharan Africa if we deploy the vaccines on time and implement the AfCFTA.

He said the AfCFTA is therefore the engine of Africa’s recovery with all the essentials for that to happen.

The AfCFTA secretary general also addressed the obvious challenges related to rules of origin under the agreement.

Mene said the agreement contained rules that provided for discipline, product dumping, subsidized products and preferential safeguards, among others.

He called for concerted efforts by the private sector, the AfCFTA Secretariat and regulatory agencies to build the capacity of customs authorities in participating countries for the success of the agreement.

This, he said, would ensure the application of discipline and strengthen the capacity of customs services to effectively implement AfCFTA trade rules.

Mene praised the Nigerian government’s efforts to set up its trade remedy authorities to deal with investigations, origin issues and punitive action if necessary.

“At the moment, only two countries – Egypt and South Africa – have their trade remedy authorities ready, which has the capacity to prevent dumping and address many other challenges associated with inter-African trade.

“Nigeria is at an advanced stage of setting up a trade resumption appeal authority and this is a very positive step,” he said.

In her remarks, Ms. Toki Mabogunje, President of LCCI, said that AfCFTA was largely a story of immense enthusiasm and expectation among the Nigerian business community due to the opportunities inherent.

Mabogunje said the AfCFTA would make the continent more integrated, united and prosperous, especially in light of the many benefits of a larger market.

However, she expressed concern about the challenges of competitiveness and the possible surge in imports that would result from the continental integration agreement.

“The Chamber believes that this is an opportunity for countries to increase their competitiveness by improving their investment climate.

“Ultimately, it would be in the interest of the economies of the continent and the well-being of our citizens,” she said.

The Nigerian News Agency (NAN) reports that Mene would be a special guest at the LCCI forum on the theme: “AfCFTA: Roadmap to Successful Implementation” scheduled for March 16.

Mr. Victor Liman, Acting Chief Negotiator / Director General, Nigeria Trade Negotiations Office, is also expected to attend. (NOPE)

I like loading …

Short Link: https://wp.me/pcj2iU-3ycK

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

2023: Ebonyi INEC forms OEs for proposed voting units Governor Wike urges FG to allow states to develop minerals and pay royalties COVID-19: NCDC Performs 1,870,915 Tests, Confirms 70 New Infections Police neutralize 3 bandits and recover 330 stolen animals in Katsina state – PPRO NWFL Super Six: Sunshine Queens, Bayelsa Queens, draw 1-1 Food security: the group trains 100 young Ebonyi in agro-industry What the domestic leagues will look like if the Super League 12 are sent off Congress: INEC reads anti-riot act to political parties on violence Osinbajo charges US on net zero emissions and access to COVID-19 vaccine Gasoline: no increase in the ex-depot price in May – NNPC Gasoline Financial autonomy: governments and stakeholders reach agreement British government. launches football review after Super League fury Lagos will create an anti-corruption commission Delta Queens defeated Edo Queens for their first Super Six victory Buhari sympathizes with Chad and Egypt over tragic events How COVID-19 Vaccines Work – NPHCDA Greece lifts quarantine requirement for some travelers Elections 2023: INEC plans to expand polling stations 1 in 4 Nigerians suffers from mental disorders, physiologist says Ondo Deputy Governor pledges Sunshine Queens N50,000 in cash per goal SON’s director general calls for the agency’s return to seaports Minister presents new Ag. IG Baba to Buhari Cleric Wants Censor Board Checkmate Nudity Movies Chadian government calls for calm after rebel incursion Catholic Church urges youth to develop Nigeria through social media Kenya launches platform to fight malnutrition FG NITDA tasks on IT promotion CENI blames electoral violence on population growth and inadequate PUs Fayemi calls for dialogue to end JUSUN strike Oil tanker explosion kills 12 in Benue – FRSC Coronavirus – South Africa: COVID-19 update (April 18, 2021) COVID-19: Imperative for CBN Health Sector Research and Response Joel Embiid of Philadelphia receives NBA Cares Community Assist Award presented by Kaiser Permanente Dutch bank ABN Amro pays 480 million euros for money laundering Coronavirus – Ethiopia: COVID-19 update (April 18, 2021) Somali army kills top Shabab leader INEC confirms the death of 3 employees in the Borno accident 8 repentant activists, kidnappers become pastors in the OPM church Oyeyemi instructs FRSC staff to quickly upload vehicle information Coronavirus – Malawi: COVID-19 update (April 18, 2021) Weeds and rodents invade the premises of the Steyr assembly plant in Bauchi Our investment in the BIP will promote infrastructure development – Dangote Natural risk mapping project in ECCAS member states: the final validation workshop took place on March 29 and 30, 2021 Coronavirus – Kenya: COVID-19 update (April 18, 2021) Coronavirus – Rwanda: COVID-19 update (April 18, 2021) Africa Oil & Power turns into energy capital and energy Coronavirus – Nigeria: COVID-19 update (April 18, 2021) Coronavirus – Zambia: COVID-19 update (April 18, 2021) Canon Unveils Three New RF Lenses – Including a “World First” – Bringing Photographers Next Level Capabilities Dlamini returns for the Tour of the Alps