Ramaphosa Launches "Historic Step" in African Trade
Twelve countries, including South Africa, have finalized rules to enable trade in thousands of products, ranging from food to steel, pharmaceuticals and consumer goods.
DURBAN, South Africa — Trade under the new preferences set out in the African Continental Free Trade Agreement (AfCFTA) was launched Wednesday by President Cyril Ramaphosa and Trade Minister Ebrahim Patel at Pier 1 in Durban, writes Winston Mwale.
"This is a truly historic step in expanding trade relations across Africa," Ramaphosa said.
The launch follows Friday's publication in the Government Gazette of South Africa's terms for participating in the new free trade agreement.
Twelve countries, including South Africa, have finalized rules to enable trade in thousands of products, ranging from food to steel, pharmaceuticals and consumer goods.
The event included displays of products to be exported and the first shipping container loaded for AfCFTA markets.
It was attended by Cabinet members, AfCFTA Secretary General Wamkele Mene and trade ministers from the Southern African Customs Union and other African nations.
The launch coincides with a meeting of the Council of African Trade Ministers in Durban to consider further AfCFTA measures.
Approximately 25 ministers from 40 countries are expected to attend the two-day summit that runs through Thursday.
The AfCFTA aims to bring together all 55 African Union members, creating a market of over 1.3 billion people.
By eliminating trade barriers, it seeks to significantly increase intra-Africa trade, particularly in value-added and services sectors.
With a GDP of $406 billion, South Africa is one of the continent's larger economies. Successful AfCFTA implementation is expected to grow intra-Africa trade, accelerate growth and promote investments.
"This can unlock growth in our economy, whilst providing market access for other African countries," Ramaphosa said.