In a ministerial meeting attended by ‘Sputnik’, Mene added that 49 member countries have ratified the Free Trade Agreement, which represents strong evidence of the political will of African Heads of States and their legal commitment to ensuring the removal of barriers to trade and investment between African countries.
He explained that all the protocols establishing the Free Trade Area have been completed, and the legal foundations of the agreement have been solidified under the leadership of Trade Ministers. He noted that the last two protocols adopted are the ‘Women and Youth in Trade’ Protocol and the ‘Digital Trade’ Protocol, which is of particular importance given the immense potential of the digital economy in Africa.
In response to questions about the actual start of trade, Mene provided tangible evidence, stating that more than 3,500 certificates of origin have been issued, and 24 member countries have published their local instruments, now being in a position to exchange goods and services under the rules of the Free Trade Area.
The Secretary-General acknowledged existing challenges, noting that some fall within the mandate of the Council of Ministers, such as accelerating the harmonization of customs systems. Meanwhile, there are other challenges outside the direct mandate but still hinder trade enhancement, such as transportation and logistics costs, infrastructure costs, and the relatively high cost of trade finance, which remains a limiting factor for small and medium enterprises and young entrepreneurs.
The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, concluded his statement by saying that the current global context, witnessing the ‘weaponization of trade policy’ and increasing economic nationalism, forces us to act urgently and decisively to ensure the construction of an African local market with the necessary depth to create job opportunities, which aligns with the vision of the Abuja Treaty and the Lagos Plan of Action, affirming that ‘our continent is on the right path to becoming a single market of commercial significance.’
