The African Union Commission (AUC) has called on member countries to ratify the African Continental Free Trade Area (AfCFTA) agreement.
Development Diaries reports that the commission made the call as it marks the 2023 Africa Day and the 60th anniversary of the Organisation of African Unity (OAU), now African Union (AU).
AfCFTA, which commenced trading in January 2021, is the world’s largest free-trade area, creating a market of 1.2 billion people and the eighth economic bloc in the world.
It is understood that as Africa trades more with itself, it will be essential to target critical hurdles faced in exporting within the continent such as SME export competitiveness, rules of origin, and technical and product safety standards.
Africa is a net food-importing continent of commodities such as cereals, meat, dairy products, fats, oils and sugar. The continent imports about $80 billion worth of agricultural and food products annually.
A small share of the continent’s total agricultural trade is understood to be with other African countries, and intra-African agricultural trade is estimated to be less than 20 percent.
‘Let us ratify the agreement, for those who are still hesitating, in order to make this ambition a reality, and give our continent a chance, to experience sustainable economic growth and to nourish the hope of becoming one of the largest markets in the world, in the years to come’, President of Comoros and Chairperson of the AU, Azali Assoumani, said.
For his part, Chairperson of the AU commission, Moussa Faki Mahamat, said May 25 is a very important day in the history of Africa as it honours the vision and pan-Africanism of the founding members of the OAU-AU.
‘The commemoration of the 60th anniversary of the OAU-AU is a milestone that vividly portrays the continent’s commitment to solidarity, peace, security, and economic integration’, he said.
‘We have good reasons during this celebration of the 60th anniversary of the OAU to meditate and communion in solidarity with our brothers and sisters who have been forced to internal displacement or exile due to different conflicts in the continent’.
He appealed to all African nations to rely on each other first before looking for help from friends and partners.
Photo source: African Union
