AfDB $4.8m to solidify Africa free trade
The AfCFTA is a major force for continental integration.
It will expand intra-Africa trade by up to $35bn per year and
usher in freedom of movement for goods, services and people across the
continent’s internal borders with a regime of reduced tariffs and non-tariff
barriers to cut the cost of doing business on the continent.
It will also boost agriculture and industrial exports by up to
$66bn per year.
The AfDB fund is targeted at laying the institutional
foundations for the AfCFTA implementation secretariat and the roll out of the
implementation programmes.
“The momentum is now in full swing,” said Andoh Mensah,
Manager, Trade and Investment Climate Division, African Development Bank. “It’s
now crucial to establish a robust, efficient, purpose-driven secretariat
capable of addressing improved stakeholder engagement, inclusiveness and
ownership in the AfCFTA implementation.”
The grant will also assist efforts towards full ratification
of the agreement by all AU member states including the application of tariff
reductions and related commitments, while generating stakeholder support for
the AfCFTA to ensure inclusiveness and common ownership.
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