The Chairman of McDan Group of Companies, Dr. Daniel McKorley has rallied the private sector as crucial partner in the implementation of the African Continental Free Trade Area (AfCFTA).
He said the private sector has a crucial role to play in the success of AfCFTA.
Acknowledging these needs, Dr. Daniel McKorley led the McDan Group to present a practical paper on the introduction of AfCFTA National Trading Companies at the 2nd Ministerial Retreat on the African Continental Free Trade Area in Nairobi City County, Kenya.
At the 2nd Ministerial Retreat, industry stakeholders, Ministers of trade and Government representatives converged to highlight actions, solutions, and progress of the AfCFTA Implementation Matrix and roadmap.
The retreat reached a consensus on a combined effort for the successful implementation of the project which McDan believes, the private sector has a major role to play.
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs).
The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion.
The AfCFTA is one of the flagship projects of Agenda 2063: The Africa We Want, the African Union’s long-term development strategy for transforming the continent into a global powerhouse.
As part of its mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa trade. In particular, it is to advance trade in value-added production across all service sectors of the African Economy. The AfCFTA will contribute to establishing regional value chains in Africa, enabling investment and job creation.
The practical implementation of the AfCFTA has the potential to foster industrialisation, job creation, and investment, thus enhancing the competitiveness of Africa in the medium to long term.
The AfCFTA entered into force on May 30, 2019, after 24 Member States deposited their Instruments of Ratification following a series of continuous continental engagements spanning since 2012.
Source: The New Crusading Guide