Share
AfCFTA goes into effect with 22 countries on board
The highly anticipated, much talked about African Continental Free Trade Area officially came into force last week as per article 23 of the of the agreement, which stipulates that it would happen 30 days after the minimum required 22 countries have ratified the agreement. With just weeks before the market is launched on July 7th, CNBC Africa spoke to Analyst and Chief Strategist of Impact Communication Strategies, Ken Agatumba on what it all means for the continent and the independent entrepreneur alike.
Mon, 03 Jun 2019 09:58:43 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The significance of AfCFTA amidst global trade challenges and the opportunity for Africa to learn from past mistakes.
- The importance of infrastructure development and further negotiations in enhancing intra-Africa trade.
- The practical challenges and opportunities for entrepreneurs in accessing new markets and navigating diverse regulations.
The much-anticipated African Continental Free Trade Area (AfCFTA) officially came into effect last week with 22 countries ratifying the agreement. This landmark agreement, which will be launched on July 7th, aims to strengthen intra-Africa trade and boost the continent's economic growth. CNBC Africa spoke to Ken Agutamba, Analyst and Chief Strategist of Impact Communication Strategies, to discuss the significance of this agreement for the continent and independent entrepreneurs. Agutamba emphasized the importance of this agreement amidst the backdrop of collapsing multilateral relationships in other parts of the world. He highlighted the Brexit turmoil and the US-China trade war as examples of the challenges facing global trade. In contrast, the launch of AfCFTA signals a new beginning for Africa, providing an opportunity to learn from past mistakes and drive economic prosperity. Agutamba stressed that while the agreement marks a significant milestone, it is just the beginning of a long journey towards enhancing intra-Africa trade. He pointed out that key factors such as infrastructure development and further negotiations on rules of origin and free movement of services are crucial for the success of AfCFTA. Agutamba also highlighted the need for improved interconnectivity, regulations, and legislation to facilitate seamless cross-border trade. While the agreement holds great promise for the continent, Agutamba urged entrepreneurs to prepare for the practical challenges that lie ahead in terms of accessing new markets, understanding diverse regulations, and establishing business linkages. He emphasized the need for collaboration among African nations to ensure the effective implementation of AfCFTA and unlock its full potential. As Africa embarks on this historic journey towards economic integration, the world will be watching closely to see how the continent leverages this opportunity for sustainable growth and prosperity.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.