Steps to accelerate and advance seamless trade among the economies within the African Continental Free Trade Area (AfCFTA) are poised to be implemented soon.
These initiatives include the establishment of investment protocols to safeguard both foreign and domestic investors, protection of intellectual property rights, protocols promoting the involvement of women and youth in trade, as well as the finalization of protocols on digital trade.
Speaking at the Africa Prosperity Dialogues in Aburi, Ghana, the Secretary-General of AfCFTA, Wamkele Mene, also highlighted the imminent implementation of the AfCFTA e-Tariff Book. This will enable private sector and economic operators across the continent to ascertain tariffs applied to export products and understand the rules of origin, simplifying complex trade regulations and making them more accessible.
While some measures have been adopted, others are still pending conclusion. Some of these include the introduction of the AfCFTA hub and SMART AfCFTA platforms, currently under development. These platforms are designed to create a reliable business directory, fostering connections and partnerships among African enterprises, simplifying trade procedures, ensuring adherence to regulations, and offering up-to-the-minute data and analysis.
These efforts align with the vision of establishing the African continent as a single market trade bloc, eliminating the need for foreign currency.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
