The Pan-African Manufacturers Association (PAMA) has called on African nations to maximise the opportunities presented by the Africa Continental Free Trade Area (AfCFTA) to fully integrate the continent into the global market.
The president of PAMA, Chief Francis Meshioye, made the call at the ‘Lighting the African Trade Torch for the Implementation of the AfCFTA’ event held yesterday in Lagos. The event is to demonstrate the commitment of participating countries to the implementation of the AfCFTA.
Meshioye, who is also the president of Manufacturers Association of Nigeria (MAN), said AfCFTA had created a market of over 1.3 billion people and was the largest single market in the world with a Gross Domestic Product (GDP) of over $2.6 trillion.
He said, the AfCFTA would boost Africa’s export by more than $600 billion with wage gain of more than 10 per cent, presenting a unique opportunity for increased production capacities and trade volume.
According to him, AfCFTA is a catalyst for significant reduction in poverty, offering opportunities for ramping up production, up scaling trade volume and creating enduring wealth for the continent.
“On behalf of PAMA, I congratulate the African Union, the AfCFTA secretariat and the Africa Business Council for the progress we have made since the commencement of the AfCFTA.
“We see the single liberalised market for free trade in goods and services, which AfCFTA offers as a lifetime opportunity for African countries to trade more with each other, refocus national economic, and fast track the process of fully integrating the continent into the global market.
“All these opportunities are for the taking, if competitiveness of private businesses is enhanced ; and I must say, we cannot afford to allow this monumental opportunity to liberate Africa economically, slip from our hands.
“In reality, the benefits and opportunities that AfCFTA offers are not without challenges and hurdles that will necessitate tough decisions and measures. However, I am confident that with concerted efforts of all stakeholders and overwhelming support of all private sector operators in Africa, these hurdles are surmountable,” he said.
The MAN president noted that his interactions with manufacturers revealed the hope that AfCFTA would transform Africa into a prosperous and competitive trade environment.
He stressed the need to immediately move beyond the completion of negotiations on schedule of tariff offers, finalisation of work on the rules of origin and fully operationalise the Pan African Payment Platform.
Meshioye said, all outstanding issues germane to the effective implementation of AfCFTA must be speedily resolved.
He charged participating countries to continue to support the African Union and the AfCFTA secretariat to evolve strategies that would ensure that trading in the AfCFTA corridor stimulated inclusive development in Africa.
Meshioye explained that, this was achievable through strategic framework to facilitate inflow of investment and the inclusion of women, youth, innovation and technology development in the AfCFTA implementation roadmap.
He added that, countries must address macro-economic environment, poor competitiveness and dearth of trade facilitation infrastructure prevailing in many African countries.
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