African Union Heads of State and Government have underscored the urgent need for member states to kick-start trading activities, under the African Continental Free Trade Area (AfCFTA).
The decision was adopted during a virtual meeting of the 13th Extra Ordinary Session of the Assembly of the Union on the AfCFTA, held on Saturday under the Chairmanship of Cyril Ramaphosa, President of the Republic of South Africa and Chairperson of the African Union (AU).
The summit is taking place just four weeks before the AfCFTA commences trading on the 1st of January 2021, to consider the adoption of the legal instruments that will facilitate its operation.
Welcoming all the participants to the 13th Extraordinary Session of the Assembly of the Heads of State and Government of the African Union, Chairperson Ramaphosa said “today we stand on the cusp of a new era in the progress of our continent.
“The moment that we have all been working painstakingly towards has finally arrived…We are all filled with a great sense of pride at how far we have come to reach this moment,” he said.
The AU Chairperson further recalled the collective journey embarked upon over four decades ago, with the adoption of the Monrovia Strategy in 1979, followed by the Lagos Plan of Action in 1980, the Abuja Treaty in 1991 and the subsequent Decisions and Declarations adopted during previous Summits relating to the economic development and integration of the African continent. “And now, we are about to witness the realisation of one of the flagship projects of Agenda 2063,” said the Chairperson.
“Throughout this process, we have stood united, with 55 sovereign AU Member States rallying together, despite different levels of economic development and diverse strategic priorities. The commencement of trading under the AfCFTA on the 1st of January 2021 is one of the most significant milestones in the continental integration project”. Noted the AU Chairperson. He underlined that, this is going to be the clearest affirmation that Africa is determined to take charge of its own destiny, and that its success and development is fundamentally tied to harnessing the potential and energies of her citizens.
According to President Cyrl Ramaphosa, the AfCFTA will boost intra-African trade, it will promote industrialisation and competitiveness and contribute to job creation, and it will unleash regional value chains that will facilitate Africa’s meaningful integration into the global economy. The AfCFTA will also improve the prospects of Africa as an attractive investment destination. It will help advance the empowerment of Africa’s women, by improving women’s access to trade opportunities which will in turn facilitate economic freedom for women, and expand the productive capacity of countries. “To support this, we must strengthen women’s participation in the continental economy by ensuring there is greater public procurement earmarked for women-owned businesses. We must ensure that there is sufficient support given to women-owned SMMEs and cooperatives in both local and regional economies” Emphasised Chairperson Ramaphosa.
H.E. Mr Moussa Faki Mahamat, Chairperson of the AU Commission on his part expressed satisfaction on the millstone achieved in the implementation of the AfCFTA. He said it is the fulfilment of the dream long aspired by the founding fathers of the Organisation of African Unity (OAU), who have always wanted to create an African common market.
MG/abj/APA