Africa promises broader, deeper economic integration
HEADS of State and Governments at the just concluded 36th Assembly of the African Union (AU) have resolved to put more weight towards political commitment on trade as a development agenda for implementation of the African Continental Free Trade Area (AfCFTA).
The Ambassador of Tanzania to Ethiopia, Mr Innocent Shio who is also the country’s Permanent Representative to the AU, made the revelation during an exclusive interview with journalists from Tanzania Broadcasting Corporation (TBC) at the end of the assembly on Sunday.
Amb Shio noted that during the meeting, African leaders agreed to ease movement of people and reduce tariff and non-tariff barriers in order to accelerate intra-trade among countries in the continent.
The theme for the 36th AU Summit which started on Saturday and ended on Sunday was; “The Year of AfCFTA: Acceleration of the African Continental Free Trade Area Implementation.”
At the end of the meeting, several instruments were signed to accelerate AfCFTA including the protocol on competitiveness and protocol on investment to the agreement for establishment of AfCFTA, Amb Shio explained.
“The leaders also agreed on fostering regional and economic integration as well as industrialisation to enhance competitiveness among African countries,” the envoy explained.
During the annual gathering, the African leaders also received and held discussions on global food crisis fuelled by effects of climate change, the aftermath of Covid-19 pandemic in addition to the ongoing war between Russia and Ukraine.
“The global food crisis report showed that some 140 million people were facing hunger in the African continent in the year 2022, compared to 120 million people in the year 2021,” the Tanzanian envoy in Addis Ababa stated.
Due to the food crisis, the leaders agreed to commit more investments in food security and nutrition as well as putting in place mitigation measures for effects of climate change.
Commenting on the AU summit, local analysts have emphasised on the need for African countries to trade amongst themselves.
The Public Relations Manager and lecturer at Centre for Foreign Relations, Mr Innocent Shoo, said the AfCFTA promises a broader and deeper economic integration among African countries.
“Its implementation would attract investments, boost trade, reduce poverty and create decent jobs for Africans,” he commented.
Mr Shoo was equally upbeat that the AfCFTA arrangement will boost shared prosperity for the African continent and lead to tremendous increase of foreign direct investments (FDIs).
The lecturer was of the view that the Heads of State and Government had put emphasis on solving persistent problems and making resolutions politically and socially in a bid to enhance the well-being and standard of living for Africans.
An expert on economic diplomacy, Prof Kitojo Wetengere, noted that cross-border trade among African countries is more beneficial due to geographical advantage.
“Trading amongst ourselves is more beneficial compared to other countries which are far away from Africa. We should thus utilise the potential of our markets,” he urged.
Prof Wetengere pointed further that intra-trade among countries in the continent has less stringent quality standards compared to those set by other countries in Europe, America and elsewhere.
In regard to Tanzania, the expert said the country has a comparative advantage in exporting agricultural produce to neighbouring countries which are facing food shortage
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Wow that was odd. I just wrote an incredibly long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Anyways, just wanted to say wonderful blog!
Aw, this was an extremely good post. Taking the time and actual effort to create a top notch article… but what can I say… I procrastinate a lot and never seem to get anything done.
Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
Can I simply just say what a relief to discover somebody that truly understands what they are talking about on the net. You definitely know how to bring a problem to light and make it important. More people really need to read this and understand this side of the story. I was surprised that you are not more popular given that you most certainly possess the gift.
Can I just say what a relief to find someone that actually knows what they’re discussing on the net. You actually realize how to bring an issue to light and make it important. More and more people have to look at this and understand this side of your story. I can’t believe you are not more popular because you most certainly have the gift.
Can I just say what a comfort to uncover somebody who really knows what they are discussing over the internet. You definitely realize how to bring a problem to light and make it important. A lot more people ought to read this and understand this side of your story. I can’t believe you aren’t more popular because you most certainly have the gift.
Currently it looks like Movable Type is the preferred blogging platform available right now. (from what I’ve read) Is that what you’re using on your blog?
Cryptocurrency is a broad subject. This reading collection encourages clear definitions, careful source checks and further exploration.
A learning reference centered on blockchain terminology and the ideas behind distributed transaction records.
An independent collection of reading references on blockchain structure, transaction history and the limits of simplified analogies.
A beginner-oriented reading theme about cryptocurrency vocabulary and the distinctions that simplified introductions sometimes leave out.
A reading reference for people interested in Bitcoin and the technology that supports peer-to-peer digital transactions.
A reference for learning the difference between broadcasting a transaction and receiving a confirmation on the Bitcoin network.
A reference for further reading about digital wallets and the terminology used to describe their different approaches to custody.
Cryptocurrency is a broad subject. This reading collection encourages clear definitions, careful source checks and further exploration.