Africa will only be able to realise full benefits of the Africa Continental Free Trade Area (AfCFTA) if there is full commitment of African states, said the Vice President Dr. Mahamudu Bawumia.
Addressing a virtual UPSA Law School’s 1st African Trade Roundtable on Wednesday, Vice President Bawumia observed that the continent stands the chance of benefiting in the area of continental free trade in goods and services and the movement of persons on the continent which will result in boosting trade and industry, job creation and increasing incomes, as well as boosting the standards of living of “our people”.
Highlighting key issues that needed to be addressed by member states for successful implementation of AfCFTA, Dr. Bawumia noted that, member states who are yet to sign and ratify the Agreement should be encouraged to expedite actions so as to increase the size of the market and the volume of trade under the AfCFTA, as well as to fast track the regional integration process to achieve the “Africa We Want”.
He also said to ensure full trading by all State Parties, the technical components of the AfCFTA such as Rules of Origin, Schedules of Concessions for Trade in Goods, and Schedules of Specific Commitments for Trade in Services should be finalized.
The Vice President then encourage the State Parties which are yet to submit their Tariff Liberalisation Schedules and Schedules of Specific Commitments for Trade in Services to the AfCFTA Secretariat should do so. He explained that there is the need for Trade remedies to protect against unanticipated trade surges while having urging member states to have full confidence in the implementation of the AfCFTA.
