By our staff reporter
In a bid to harness the potential benefits and address looming challenges of the African Continental Free Trade Area (AfCFTA) agreement, African diplomats received intensive training aimed at enhancing their capacity to facilitate the agreement’s effective implementation.
The AfCFTA agreement, which has garnered approval from 47 countries including Ethiopia in their council, with 54 regional countries affirming their commitment through signed agreements, carries significant promise and challenges for the continent.
Following the conclusion of the 37th African Union Summit, leaders from diverse African nations convened for a two-day forum focused on capacity building and training regarding the nature and advantages of the AfCFTA. The forum prioritized accelerating the implementation of the African Continental Free Trade Zone, recognizing its pivotal role in deepening economic integration across the continent.
The African Capacity Building Foundation (ACBF), in collaboration with the Economic Development, Trade, Tourism, Industry, and Minerals department of the African Union, organized the training session, targeting accredited ambassadors and diplomats. The objective was to enhance their understanding of the AfCFTA and equip them with the necessary knowledge and skills to drive its implementation effectively.
The AfCFTA aims to establish a single market for goods and services, facilitated by the free movement of people, with the overarching goal of fostering economic integration throughout Africa. By removing trade barriers, promoting regional integration, diversifying economies, and attracting investments, the agreement seeks to unlock the continent’s full economic potential.
Acknowledging the imperative of decisive action for effective implementation, the Assembly of Heads of State and Government of the African Union declared 2023 as the “Year for Acceleration of AfCFTA Implementation.” The initiative underscores the need to address trade barriers, foster regional cooperation, diversify economies, and attract investments to realize the agreement’s transformative potential fully.
However, concerns have been raised by manufacturing industries regarding potential market disruptions and increased competition from foreign businesses. These concerns highlight the need for proactive measures to ensure local industries remain competitive and consumers benefit from enhanced product quality and affordability.
The AfCFTA targets a market of 1.2 billion people with a cumulative Gross Domestic Product (GDP) of US$2.5 trillion, positioning Africa as the world’s largest trade zone. If fully activated, the agreement is projected to increase intra-African trade by 60% by 2034, lifting millions out of poverty and driving sustainable economic growth across the continent.
