{"id":9549,"date":"2021-07-05T11:27:00","date_gmt":"2021-07-05T11:27:00","guid":{"rendered":"https:\/\/www.foretiafoundation.org\/?p=9549"},"modified":"2021-07-05T11:27:00","modified_gmt":"2021-07-05T11:27:00","slug":"noti-afcfta-is-an-opportunity-for-african-countries-to-integrate","status":"publish","type":"post","link":"https:\/\/www.foretiafoundation.org\/staging\/noti-afcfta-is-an-opportunity-for-african-countries-to-integrate\/","title":{"rendered":"NOTI: Afcfta Is An Opportunity For African Countries To Integrate"},"content":{"rendered":"

Nkafu Open Trade Initiative: Afcfta Is An Opportunity For African Countries To Integrate, Connect.<\/h4>\n

Experts at the Nkafu Policy Institute say the African Continental Free Trade Area (AfCFTA) will provide opportunities for African countries to lift millions of people out of poverty.\u00a0<\/em><\/p>\n

The experts were speaking this June 24 at the Mansel Hotel in Yaounde under the Nkafu Policy Institute\u2019s (a think-tank of the Denis and Lenora Foretia Foundation) first edition of the Open Trade Initiative.<\/em><\/p>\n

The event was held under the theme\u00a0\u201cThe African Continental Free Trade Area: Benefits, Opportunities and Challenges\u201d with discussions\u00a0<\/strong>centred on the challenges with implementation and the benefits and opportunities of AfCFTA\u00a0for African countries.<\/p>\n

On January\u00a01 2021, the African Continental Free Trade Area (AfCFTA), created to eventually integrate all states of the African Union into a free trade area, was effectively put in place. Amongst others, Countries that ratify the agreement agree to liberalize 90% of their tariff lines.<\/p>\n

Speaking on the theme, Henri Kouam said: \u201cThe AfCFTA is an opportunity for African countries to integrate, connect and lift millions of people out of poverty. Countries impose very high tariffs to protect and improve on local domestic productions.\u201d<\/em><\/p>\n

As the global economy is in turmoil due to the COVID-19 pandemic, the creation of the vast AfCFTA regional market is a major opportunity to help African countries diversify their exports, accelerate growth, and attract foreign direct investment.<\/p>\n

By increasing trade, lowering trade costs\u00a0and streamlining border procedures, full implementation of\u00a0AfCFTA\u00a0would help African countries increase their resiliency in the face of future economic shocks and help usher in the kinds of\u00a0deep\u00a0reforms that are necessary to enhance long-term growth.<\/p>\n

\u201cAfrica needs to benefit from its demographic dividend especially with the increase in population which can also lead to increase in resources,\u201d\u00a0<\/em>Jean Cedric Kouam<\/em><\/a>, Deputy Director \u2013 Economic Affairs Division said on the African Continental Free Trade Area: Benefits, Opportunities and Challenges.<\/em><\/p>\n

\u201cThe AfCFTA can be the solution to the debt problem weighing down on African countries as its successful implementation will multiply resources and consequently end the constant need for foreign aid gotten through debts.\u201d<\/em><\/p>\n

Jean Cedric Kouam<\/em><\/a>\u00a0added: \u201cWhen you trade with other countries, you become much more competitive,\u201d\u00a0<\/em>Henri Kouam<\/em><\/a>, Economic Policy Analyst said. \u201cEconomically, women will be very much better off with the implementation of the AfCFTA as they will be more included in the labour force and economic debates.\u201d<\/em><\/p>\n

The African Continental Free Trade Area (AfCFTA) agreement according to analysts will create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion.<\/p>\n

The AfCFTA is expected to lift around 68 million people out of moderate poverty and make African countries more competitive. But successful implementation will be key, including careful monitoring of impacts on all workers\u2014women and men, skilled and unskilled\u2014across all countries and sectors, ensuring the agreement\u2019s full benefit.\u201d<\/p>\n

And according to\u00a0<\/em>Jean Cedric Kouam<\/em><\/a>\u00a0\u201cConcrete actions must be undertaken to respect the AfCFTA agreement so it doesn\u2019t just end in wishful aspirations.\u201d<\/em><\/p>\n

\u201cThe African economy is mostly dominated by the informal sector and this sector continues to dominate due to increased unemployment. The\u00a0<\/em>AfCFTA<\/em><\/a>\u00a0can be the solution to putting an end to the predominance of informal enterprises,\u201d He added.<\/em><\/p>\n

The scope of AfCFTA is large. The agreement will reduce tariffs among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical trade barriers.<\/p>\n

Full implementation of AfCFTA would reshape markets\u00a0and economies\u00a0across the\u00a0region and boost output in the services, manufacturing and natural resources sectors.<\/p>\n

Source:<\/strong> Pan African Vision<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

The experts were speaking this June 24 at the Mansel Hotel in Yaounde under the Nkafu Policy Institute\u2019s (a think-tank of the Denis and Lenora Foretia Foundation) first edition of the Open Trade Initiative.<\/p>\n","protected":false},"author":10,"featured_media":9551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"_eb_attr":"","content-type":"","footnotes":""},"categories":[195],"tags":[250,514],"class_list":["post-9549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actions","tag-african-continental-free-trade-area","tag-nkafu-open-trade-initiative"],"acf":[],"yoast_head":"\nNOTI: Afcfta Is An Opportunity For African Countries To Integrate - Denis & Lenora Foretia Foundation | Catalyzing Africa's Economic Transformation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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