The Economic Commission for Africa (ECA) is to support the government of Botswana to develop its AfCFTA national implementation strategy. President Mokgweetsi Masisi disclosed this in an address to the virtual Africa private sector summit on strategic opportunities for doing business in Africa.
He said the African Continental Free Trade Area’s (AfCFTA) presented great market access to the larger Africa. According to him, it would stimulate industrial development, strengthen investment and create job opportunities. All these are in line with Botswana’s long-term Vision 2036. A vision that aspires to transform Botswana from a middle-income country to a high-income country.
The agreement will also provide a platform for Botswana’s small, medium and micro enterprises to integrate into the regional economy. It will also accelerate women’s empowerment as well as facilitate youth and growth in the service sector.
President Masisi further noted that the AfCFTA “will accelerate our industrialization efforts, it will support the diversification of our export base. It will lead to the creation of sustainable employment, especially for our youth”. He added that it will derive benefit from the youth dividend and eradicate abject poverty on the continent.
Meanwhile, President Masisi admitted that the private sector would play a leading role in the implementation of the trading bloc. But he said businesses alone could not be effective without the support of African governments. He is calling on fellow African governments to support the bloc and make it very effective.
About the AfCFTA
So far, 36 out of 55 countries on the African Continent have deposited their instrument of ratification with the AfCFTA. These countries have legally accepted to open their markets, reduce trade barriers and adhere to the rules of AfCFTA.
The AfCFTA provides an opportunity for Africa to create the world’s largest free trade area with the potential to unite more than 1.2 billion people. The AfCFTA will result in a gross domestic product of more than $2.5 trillion which is expected to usher in a new era of development. Trading under the pact commenced on January 1 this year. This was after a postponement for six months as a result of the pandemic.
It has the potential to generate a range of benefits through supporting trade creation, structural transformation, productive employment, and poverty reduction. It will also constitute a significant milestone towards the realization of the African Union’s Agenda 2063 for the socio-economic transformation.
The ECA, through the African Trade Policy Centre (ATPC), has been working with the African Union Commission (AUC) and member states of the AU to deepen Africa’s trade integration. It also helps to effectively implement the agreement through policy advocacy and national strategy development. The ECA also works with the International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD), and independent trade experts. The European Union provides the financial support to assist with the implementation of the agreement. Botswana Botswana Botswana
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