Economist says regulatory reforms hinder implementation of AfCFTA
The chief economist of the Economic Commission for Africa, Hanan Morsy, says regulatory reforms hinder the implementation of the African Continental Free Trade Area (AfCFTA) on the continent.
Ms Morsy, in a statement issued by the ECA, said this at the closing of the Experts Segment of the Conference of African Ministers of Finance, Planning and Economic Development (COM2024) in Zimbabwe.
She said, “Africa has an opportunity to leverage the African Continental Free Trade Area (AfCFTA) to break into supply chains that would not have been possible before. However, challenges remain in terms of regulatory reforms needed to advance the implementation of the agreement on
non-tariff barriers, the high cost of doing business, political impediments, and connectivity challenges.’’
Inaugurated in 2018, the AfCFTA aims to create a single continental market with a population of about 1.3 billion people and
a combined GDP of approximately $3.4 trillion.
The agreement entered into force in 2019. At its full realisation, the AfCFTA will bring together the 55 African Union member states with the mandate of eliminating trade barriers.
Ms Morsy, ECA’s deputy executive secretary, also said inter-regional trade in Africa stood at 13 per cent, compared with 55 per cent in Asia and 70 per cent in Europe.
According to her, when proposing the theme of the AfCFTA, policymakers must consider the game changers that will advance the implementation of the free trade agreement.
She said this included developing and advancing cross-border payment systems, high cost of transportation across Africa, and using the AfCFTA
agreement to advance the development of carbon markets.
She pointed out that Africa was at the cusp of the Fourth Industrial Revolution, “happening at a time the continent was grappling with challenges of limited internet access and poor infrastructure.”
Meanwhile, the next ECA COM2025 will bring together African Ministers of Finance, Planning and Economic Development, governors of central banks, and entities of the United Nations system.
It will include the participation of pan-African financial institutions, youth representatives, African academic and research institutions, and development partners.
Intergovernmental organisations and other key stakeholders are included on an annual basis to engage and exchange views on the state of economic and social developments in Africa.
(NAN)
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