African Continental Free Trade Agreement Secretariat

The African Continental Free Trade Agreement Secretariat: What You Need to Know

The African Continental Free Trade Agreement (AfCFTA) Secretariat is the administrative body responsible for overseeing the implementation and operation of the AfCFTA. The AfCFTA is a historic agreement that was signed on March 21, 2018, by 44 African countries with the goal of creating a single market for goods and services across the continent, thereby promoting intra-African trade, economic integration, and sustainable development.

The AfCFTA Secretariat is based in Accra, Ghana, and was officially launched on August 17, 2020. It is headed by the Secretary-General, Wamkele Mene, who is responsible for coordinating and supporting the activities of the AfCFTA. The Secretariat is also responsible for providing technical assistance, facilitating negotiations, and monitoring the implementation of the AfCFTA.

The AfCFTA aims to create a market of over 1.2 billion people with a combined GDP of over $3.4 trillion. The agreement seeks to reduce tariffs on 90% of intra-African trade, promote investment in Africa, and boost the continent`s industrialization. The AfCFTA also aims to address challenges such as infrastructure deficits, lack of access to finance, and non-tariff barriers to trade.

One of the key benefits of the AfCFTA is that it will provide African businesses with access to a much larger market, thereby increasing their competitiveness and driving economic growth. The AfCFTA also has the potential to create new jobs, reduce poverty, and increase the standard of living for millions of Africans.

The COVID-19 pandemic has highlighted the importance of the AfCFTA in promoting regional economic integration and resilience. The pandemic disrupted global supply chains and exposed the vulnerability of African economies that rely heavily on imports. The AfCFTA provides an opportunity for African countries to diversify their economies, build local supply chains, and reduce their reliance on imports.

In conclusion, the African Continental Free Trade Agreement Secretariat is a critical institution in the implementation and success of the AfCFTA. The agreement has the potential to transform Africa`s economy, create jobs, and improve the livelihoods of millions of Africans. The AfCFTA Secretariat must work with African governments, businesses, and civil society to ensure the successful implementation of the AfCFTA and the realization of its goals.