Editorial

Why July1, deadline for implementation of AfCFTA cannot be missed!

The African Union (AU) in July this year, kicked off the operational phase of the African Continental Free Trade Agreement (AfCFTA) during a high-level summit in Niger that brought together heads of states and governments from across the continent.

At the time, 27 countries out of 54 signatories had ratified the agreement with Nigeria signing during the July summit for the operational phase to continue.

The summit further agreed that the agreement that had been in force since late May, 2019 would be operationalised in phases, with planned negotiations under phase II taking place later.

The phase I as was agreed among the leaders primarily focused on areas such as goods and service, trade as well as dispute settlement.

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The phase II talks are expected to continue in 2020, with the adoption of next key milestones of terms of reference for the working groups tasked with to carry out projects under AfCFTA.

Although there appears to be some enthusiasm in the work of the AfCFTA so far, there is also apprehension amongst some member countries that a July 1 deadline for the implementation stage of the agreement might be missed.

It is in the light of this that the President, Nana Addo Dankwa Akufo-Addo, at the weekend urged African Trade Ministers and experts to conclude all outstanding issues on time for trading to start on July 1, next year as planned.

He said meeting all the deadlines set by all the heads of states and government at their extra-ordinary summit in July this year, would allow the new Africa market to commence smoothly and bring about the much anticipated socio-economic impact on the continent.

“Similarly, for the effective implementation of the AfCFTA, Africa Trade Ministers must ensure that the institutional structures, that are established to support the AfCFTA, are based on practical approaches that work in Africa.

“Existing, as well as new AU programmes and projects aimed at supporting trade, investment and economic development in Africa, at the national, regional and continental levels, must all be properly coordinated to support the implementation of the AfCFTA, and, thereby, fasttrack regional integration, economic growth and development he said.

The president who was speaking at the 10th Meeting  of African Trade Ministers and the 2nd Meeting of the AfCFTA council of Ministers in Accra on Saturday, reminded them that the implementation of the agreement would provide the vehicle for the continent to trade among member countries in a more modern and sophisticated manner and offer members a huge opportunity to exploit the abundant wealth and resources of the continent for the benefit of all people; and protect member states during their dealings with other trading blocs.

This is the main reason why the Ghanaian Times is of the strong opinion that the July 1 deadline must not be missed.

Trade between African countries remain unimpressively low and AfCFTA is expected to make Africa the world’s largest free trade area covering a market of 1.2billion people with a combined GDP of $3trillion.

This is an opportunity we cannot miss and the trade ministers must certainly achieve the targets set for them.

There is high expectation out there and failure on the part of the current leaders to successfully implement the AfCFTA agreement for the benefit of people may receive unfavourable backlash.

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