We Hope To Move Africa's Intra-Trade Share From 3-6% In 10 yrs

Harboursandport.com: Lagos - Senior Special Assistant, SSA to President Mohammadu Buhari on Public Sector Matters and Secretary, National Action Committee on African Continental Free Trade Agreement, AfCFTA, Francis Anatogu, has said that implementation of AfCFTA will move the continent's share of intra-trade from three to six per cent in ten years.

Anatogu, who disclosed this in Lagos while presenting the keynote address at the Public Presentation of the 5^th Edition of the Logistics and Supply Chain Industry Report, decried the below level of trade amongst countries in the continent compared to other continents in the world.

He said the expected impact is to double intra-Africa trade flows which currently stand at 15 per cent compared to that of Europe at 67 per cent, Asia 58 per cent while North America has 48 per cent.

According to him, the impact of the implementation of AfCFTA includes, a doubling of intra-Africa trade flows, currently at 15 per cent, (Intra-trade in Europe (67 per cent), Asia (58 per cent), and North America (48 per cent); double Africa’s share of world trade from 3 per cent to 6 per cent over the next 10 years and develop the productive capacity to achieve $50bn in Exports.

Priority Products & Services identified, National AfCFTA Strategy Developed, Facilitating sub-national engagements to develop State AfCFTA strategies, commenced SME Aggregation and Export Facilitation Programmes, and initiation of commercialization of agricultural research findings project.

He said the benefits include, “Elimination of tariffs on 90 per cent of tariff lines (Exclusive list – 3 per cent and Sensitive List 7 per cent), Product-specific rules of origin to grow African content, Harmonization of policies, regulations, and standards, Mutual Recognition Arrangements and Customs Co-operation & Mutual Administrative Assistance.”

He also explained that the expected benefits and outcome of the conclusion of implementation of the first phase will include Trade in Goods, Trade in Services, Dispute Settlement Mechanism, and Protocol on Free Movement of Persons while that of the second phase will be Investment Policy, Competition, Intellectual Property Rights and Digital Economy, he stated.