Nairobi, March 9th, 2018: The Cabinet Secretary, Industry, Trade and Cooperatives, Adan Mohamed is optimistic of the positive decision for the creation of a single continental market for good and services as he leads a Kenyan delegation to the African Ministers of Trade Meeting in Kigali, Rwanda today.
The meeting that will run for two days will bring together African trade ministers to consider and adopt the African Continental Free Trade Area (AfCFTA) Legal instruments that are due for consideration by the Heads of State and Government Summit later this month. This follows the decision by the African leaders to hold an Extraordinary Summit of the AU Assembly on 21st March 2018 in Kigali, Rwanda, during which the Agreement establishing the African Continental FTA is expected to be signed.
“The AfCFTA will bring together 55 African countries with a combined population of more than 1.2 billion people, with a vibrant and growing middle class, and a combined gross domestic product of more than US$3.4 trillion”, said Cabinet Secretary, Mohamed who is leading the Kenyan delegation to the meeting.
The main outcome of the AfCFTA is expected to be the creation a single continental market for goods and services, through tariff liberalization and improving the regulatory framework, with free movement of business persons and investments, harmonization of the policies and instruments that facilitate across the RECs and across Africa and member countries. The ultimate, apart from creating single liberalized market, is to enhance competitiveness at the industry and enterprise level, enhance value addition of products and exploit economies of scale and optimum utilization of the resource.
The AfCFTA negotiation has therefore developed the Framework Text establishing the AfCFTA and protocols and Annexes covering all these areas such as the Protocol on Trade in Goods, Protocol on Trade in Services, Protocol on Dispute Settlement amongst others.