Most Read

  • Dis-chem prepped for vaccination roll-out with 32 sites secured
    Dis-Chem Pharmacies has confirmed its readiness for Covid-19 vaccination roll-out. "We are well-positioned to commence with the vaccination roll-out aligned to government timelines, and we have prepared our teams to work at full capacity if supply from government is consistent," says CEO Ivan Saltzman.
  • The evolution of Gagasi FM and Heart FM
    And you thought 2020 was one heck of a year! 2021 brings winds of change as Gagasi FM and Heart FM will be launching their own media solutions company under holding company MRC Media effective from 1 July 2021. The stations will utilise Mediamark as its sales house until 30 June 2021. Issued by Mediamark
  • Construction of R500m Boardwalk Mall under way in Gqeberha
    Construction has officially commenced on the Boardwalk Mall in Gqeberha. The first phase is set to be completed and launched on 9 December 2021. The official opening, which marks the second phase's completion, is scheduled for 22 September 2022.
Show more

Africa

More...Submit news
Business services
Advertise on Bizcommunity

Subscribe to industry newsletters

The AfCFTA must be used in Africa's development agenda

The African Continental Free Trade Area (AfCFTA) must be seen as a pillar of the broader development integration agenda, said deputy minister of trade, industry and competition Fikile Majola.
Integration is seen as essential to overcoming the limitations of small fragmented economies established under colonialism.

The deputy minister made these comments in his address to the Progressive Business Forum’s (PBF) webinar on trade opportunities for South African businesses in Africa.

He said the AfCFTA brought the African continent a step closer to realising the historic vision of an integrated market and creating a basis for increasing intra-African trade.

“We must complement and consolidate parallel African Union work on infrastructure and industrial development pillars and build supply capacity to take advantage of more open African markets. We also need to take to heart that for sustainability and legitimacy to prevail, the benefits of the AfCFTA must be shared across all member states,” he said.

He noted that countries across the continent are engaged in restoring their economies in the midst of the Covid-19 pandemic.

“One of the instructive lessons learned from this crisis is that economic resilience is critical. It is critical to build up industrial capabilities, trade and supply chains across African countries.

Greater supply-chain resilience needs to include efforts to spread risk by enabling the greater geographic spread of manufacturing. This resonates with bringing to fruition the goal of ‘Made in Africa’ initiative. We have to seize the opportunity presented by the AfCFTA, which is aimed at boosting intra-Africa trade,” said the deputy minister.

Single set of rules


Meanwhile, the secretary general of the AfCFTA, Wamkele Mene called for the acceleration of Africa’s industrial development without disconnecting from the rest of the continent.

He also called for single set of rules for trade and investment on the African continent.

“This AfCFTA agreement captures the future of the African economy, and we must strive for a focus on connecting small and medium enterprises to digital platforms to the extent that tariff liberalisation is properly sequenced and calibrated to active industrial development measures, the process can support wider economic development and growth,” said Mene.


SOURCE

SAnews.gov.za
SAnews.gov.za is a South African government news service, published by the Government Communication and Information System (GCIS). SAnews.gov.za (formerly BuaNews) was established to provide quick and easy access to articles and feature stories aimed at keeping the public informed about the implementation of government mandates.
Go to: http://www.sanews.gov.za
Comment

Related

News

Let's do Biz