APA-Durban (South Africa) President Cyril Ramaphosa has launched South Africa’s first shipment of products exported to other African countries under the African Continental Free Trade Area (AfCFTA) agreement.
Officiating at the ceremony held at Durban port on Wednesday, the president said the levels of intra-African trade have been growing in recent years but remained small by global standards.
He gave the example of intra-Africa exports, which he said accounted for only 16 percent of Africa’s total exports compared to 55 percent in Asia, 49 percent in North America and 63 percent in the European Union.
He said African countries traded more with the rest of the world but had limited trading among themselves.
“The reason for this is clear: we are principally exporters of raw materials, selling rocks and black liquid to the world, instead of harnessing our oil and the minerals to industrialise our continent. We need to change this,” Ramaphosa said.
Under the AfCFTA, the South African leader said the continent had a unique opportunity to lift millions of people out of poverty by empowering women and young people to change the continent’s business environment.
He said industrial development was core to Africa’s integration to building its productive capacities by adding greater value to “our products” and diversifying trade beyond the traditional commodities.
NM/jn/APA