AfCFTA: Are we lagging behind?

This month marks the one-year anniversary since the implementation of the Africa Continental Free Trade Agreement (AFCFTA), a landmark policy tool aimed at enhancing the continent's potential through increased regional trade. In a recent interview with CNBC Africa, Louis Afful, Group Executive Director of the AFCFTA Policy Network, reflected on the progress made so far and the challenges faced in advancing the goals of the agreement. Afful emphasized the importance of accelerating the pace of implementation to fully realize the benefits of a unified African market. Afful noted the significance of all stakeholders understanding and actively participating in the economic integration and regional market objectives of the AFCFTA. He stressed the need for swift action post-ratification, urging countries to eliminate tariff barriers and embrace intra-African trade opportunities without hesitation. While acknowledging some initial strides with over 50 companies engaging in AFCFTA activities since last year, Afful highlighted the necessity for broader adoption of key strategies like the AFCFTA Business Index (Biax) to drive inter-African trade. The interview also delved into the impact of the COVID-19 pandemic on AFCFTA operations and the subsequent challenges faced by stakeholders. Afful emphasized the critical role of health protocols within the agreement, lamenting the lack of progress in negotiations surrounding health services. Given the global health crisis and the urgency to address future pandemics, Afful urged prioritization of health discussions alongside other key sectors like e-commerce to fortify the resilience of African economies post-pandemic. As countries navigate the complexities introduced by the pandemic, the interview underscored the need for cooperation and rapid advancement in crucial sectors to unlock the full potential of the AFCFTA. Afful's insights shed light on the ongoing efforts and the road ahead in realizing the vision of a prosperous and interconnected African market.