President Kagame emphasises sense of urgency in implementation of AfCFTA

Rwanda's President Paul Kagame has emphasized the necessity for African leaders to expedite the implementation of the African Continental Free Trade Area (AfCFTA) during a recent interview with CNBC Africa. President Kagame highlighted the importance of political will from all African nations to drive the successful realization of the trade agreement. He commended the progress made so far, with a significant number of countries signing and ratifying the AfCFTA. However, he underscored the challenges that lie ahead in ensuring that the trade area functions effectively for the benefit of all participating countries. President Kagame expressed concerns over existing legacy issues and misconceptions surrounding the AfCFTA. He noted that some nations fear compromising their sovereignty by participating in the agreement, failing to understand that true sovereignty encompasses the freedom for individuals to engage in cross-border trade and movement. The president emphasized that political will plays a pivotal role in enabling the free flow of goods and people across borders, ultimately fostering economic growth and development on the continent. One of the key obstacles highlighted by President Kagame is the presence of barriers such as visa restrictions and distorted competition among African countries. These obstacles hinder the smooth exchange of goods and services across borders, impeding the potential economic benefits that the AfCFTA offers. He emphasized the need for African leaders to overcome these challenges and seize the opportunity presented by the large market size created by the trade agreement. President Kagame urged African leaders to recognize the urgency of the situation and act swiftly in facilitating the implementation of the AfCFTA. He highlighted the vast resources available in Africa and questioned why the continent lags behind other regions in economic development. He emphasized the need for a structural shift and a collective effort driven by political will to propel Africa towards sustainable growth and prosperity. President Kagame emphasized that unity among African nations is vital for advancing the continent's economic agenda. While acknowledging the progress made in AfCFTA implementation, President Kagame stressed the importance of accelerating the process to unlock the full potential of intra-African trade. He described the trade area as a significant asset that can enhance economic opportunities for African countries if leveraged effectively. President Kagame urged leaders to focus on the bigger picture of regional integration and cooperation to foster development and overcome historical disparities among African nations. In conclusion, President Kagame's call for African leaders to prioritize the implementation of the AfCFTA underscores the critical need for political will and a sense of urgency in driving economic growth and development on the continent. By overcoming existing challenges and embracing the opportunities presented by the trade agreement, African nations can work towards a more prosperous and interconnected future.