Implementing the African Continental Free Trade Area (AfCFTA) requires patience, tact and strategic planning, Riyad Mezzour, Chair of the Bureau of African Ministers of Finance and Economic Planning, has asserted.
Speaking about the decisions made at the just-concluded 57 session of the Economic Commission for Africa: Conference of African Ministers of Finance, Planning and Economic Development on Tuesday, Mezzour said the conference acknowledged the necessity for transformative actions to enhance the implementation of the AfCFTA.
Mezzour, who is also Morocco’s Minister of Industry and Trade, emphasised the need for African countries to activate regional value chains to bolster integration and eliminate barriers that hinder the promotion of intra-African trade.
He further explained that the conference also explored the role of digitalisation in Africa’s economic transformation, investment in digital infrastructure and skills, the empowerment of African youth in relation to the AfCFTA through increased investments in education, training, and entrepreneurship, and prioritising climate change and sustainable development while promoting sustainable trade practices.
He argued that achieving these objectives require strong political will and effective decision-making to promote collaboration among member states. It is essential to ensure coherent and enforced policies, coupled with a strategic approach that involves tact and careful negotiation.
Claver Gatete, Executive Secretary of the ECA pointed out that the changing global landscape, marked by increasingly limited investments and aid directed toward African nations, highlights the urgent need for the continent to promote intra-African trade and investment through AfCFTA.
He explained that by building stronger trade relationships and investing in one another, African nations can enhance economic resilience, stimulate growth, and create a more self-sufficient regional economy, which is essential in the face of these external pressures and challenges.
Professor Nthuli Ncube, Zimbabwe’s Finance Minister, stressed the urgent need for an African credit rating organisation to prevent the undervaluation of African countries in the global financial system.
Such an organisation would enhance credibility, improve access to investment, and support the AfCFTA, he added.
MG/as/APA