Executive Director of the AfCFTA Policy Network, Mr Louis Yaw Afful, has revealed that the African Continental Free Trade is a wealth creation instrument for the youth in the country.
Speaking at an International Youth day forum organized by Palme Development Initiative, Mr Afful noted that businesses have the prospect of negotiating their ways through ratified countries under AfCFTA.
This, he explained, will give them the chance to display their skill set and level of experience in their scope of business.
“What AfCFTA can also do practically is what we call exporting of skills and exchange of knowledge. Now the agreement says free movement of people, so, there are countries who have opened these opportunities in Africa, where you can have right to entry and right to establish.
“This is the right time for our youth to really get wealthy… I’d like to let you know that the African Continental Free Trade is a wealth creation instrument and offer that is going to turn around the fortunes of our youth”.
Louis Yaw Afful
Capitalizing on free tariffs on goods and services
Touching on the trade agreement, Mr Afful explained that once businesses have identified their products and market accessibility, the agreement offers them “ninety percent liberalization of tax”.
He further explained that businesses can export goods to the concessions the ratified country is offering, for free. This, he noted, enables these businesses to “conserve revenue to expand” their businesses.
Additionally, Mr Afful revealed that there are countless categories of products businesses can identify. This includes areas such as technology, textiles, education, construction, tourism, fintechs etc.
With this, the AfCFTA Executive Director expressed optimism in witnessing self-reliant businesses who will consequently create jobs for others.
“All these are being made possible, so that, wherever you find yourself and identify a product, you can establish yourself. I am projecting that within the next few years, the average youth should be able to be rich”.
Louis Yaw Afful
Supporting businesses to benefit from AfCFTA
Touching on the services spectrum of AfCFTA, Mr Afful highlighted the benefits businesses stand to gain under the liberalization of trade-in services.
“What is in for you is, if you are an ICT youth expert, you can set up your own company and own branches outside your jurisdiction. The agreement allows that free movement and establishment of your firm within any other African country that has signed the agreement. These negotiations are ongoing and by the end of the year, that will also be opened up”.
Louis Yaw Afful
Furthermore, he indicated that individuals who come up with ingenious inventions must be supported with requisite tools and market opportunities.
He further expressed the resolve of his outfit to support the youth and startups via the provision of market for their products.
“What we need to do is to support you in terms of how to build that dream after coming up with an invention… This is what I think the system should support the youth now. Whatever dream they have should not be left at the stage of conception. But we should support the process and that is why AfCFTA Policy Network we are going to support the youth of today… This is what we need at this time”.
Louis Yaw Afful
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