AfCFTA: Mene seeks investment in trade support infrastructure

The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, emphasized the importance of investing in trade support infrastructure for the success of the AfCFTA beyond just being an agreement on paper in a recent interview on CNBC Africa. Mene highlighted the pivotal role of development finance institutions, particularly Afrikson Bank and the African Development Bank, in achieving the goals of the AfCFTA. The continent must focus on trade supporting infrastructure to facilitate the movement of goods across trade corridors and ports to double intra-Africa trade by 2035. While progress has been made in terms of rules of origin, with 88.7% already achieved, the challenge lies in member states accelerating the domestication of customs procedures to enable seamless trade under the AfCFTA rules. Mene also addressed concerns around export diversification, pointing out agriculture, pharmaceuticals, automotive, and transport industries as priority value chains for intra-Africa trade. He emphasized the need for a legal framework like the AfCFTA to drive diversification and competitiveness in these sectors. The private sector, eager for swift implementation of the agreement, is urging governments to expedite the process and focus on improving transit of goods through efficient trade corridors. Mene highlighted the collaboration with Shippers Councils across the continent to address challenges in transit and customs procedures, outlining a five-year work plan to enhance trade facilitation and efficiency. The AfCFTA Secretariat is working closely with development finance institutions, private sector stakeholders, and member states to overcome barriers to trade and enable the seamless movement of goods across Africa, ultimately fostering economic growth and competitiveness on the continent.