AfCFTA: Manufacturers affirm commitment to seamless operations

• Published date: 19 January 2023
• Publication title: Nigeria - The Nation

Pan-African Manufacturers Association (PAMA) yesterday affirmed their commitment to the operationalisation of the African Continental Free Trade Area (AfCFTA) agreement.

Its President, Otunba Francis Meshioye, made the affirmation yesterday at the 'Lighting the African Trade Torch for the Implementation of AFCFT' in Lagos.

Organised by the Africa Business Council, the 'Light the Africa Trade Torch for Implementation of AfCFTA,' across the African continent, is a private sector initiative started on January 20, last year, for the popularisation of AfCFTA.

Founded in 2018, with trade commencing on January 1, last year, AfCFTA is a high ambition trade agreement expected to create the largest free trade area in the world since the formation of the World Trade Organisation (WTO).

The pact connects 1.3 billion people across 55 countries with a combined Gross Domestic Product (GDP) valued at over $2.6 trillion.

By eliminating 90 per cent of tariffs, including policies aimed at eliminating non-tariff barriers, such as customs delays, its objective was to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa's economy.

Otunba Meshioye said the sustenance of the event was 'significant and most gratifying.'

'It is a demonstration of our commitment to the implementation of the AfCFTA that we are lighting the torch simultaneously across Africa.

'PAMA sees this event as an emphatic affirmation of the critical role of the private sector in transforming trade in Africa and affirm the commitment of its members to the seamless operationalization of AfCFTA,' Meshioye, who doubles as president of Manufacturers Association of Nigeria (MAN), said.

He said, undoubtedly, AfCFTA will creates a market of over 1.3 billion people and is the largest single market in the world with a Gross Domestic product (GDP) of over $2.6 trillion.

'It is estimated that AfCFTA will boost Africa's export by more than $600 billion with wage gain of more than 10 per cent, present a unique opportunity for increased production capacities and trade volume, and above all, is a catalyst for significant reduction in poverty,' Meshioye added.

He also said AfCFTA offers opportunities for ramping up production, up-scaling trade volume and creating enduring wealth for the continent.

'PAMA sees the single liberaliSed market for free trade in goods and services, which AfCFTA offers, as a lifetime opportunity for African countries to trade more with each...