The 15th Council of Ministers Meeting of the African Continental Free Trade Area (AfCFTA) has taken place in Addis Ababa, bringing together African leaders and stakeholders to discuss strategies for boosting trade integration and sustainable development.
President Taye Atskeselassie, in his opening remarks, emphasized that the AfCFTA is more than just a trade agreement; it represents a vision for a more integrated Africa. He highlighted its potential to drive economic prosperity, foster regional integration, and boost intra-African trade, ultimately leading to a more prosperous and united continent.
"The AfCFTA is a game-changer," President Taye stated, "transforming small, fragmented markets into a single market of over 1.4 billion people." He emphasized that the agreement will enhance Africa's collective bargaining power on the global stage, aligning seamlessly with the continent's commitment to sustainable development goals and the African Union's Agenda 2063.
President Taye also noted that the AfCFTA provides a framework to enhance food security, promote gender equality, and reduce poverty.
Ethiopia, a strong supporter of the AfCFTA, has implemented comprehensive macroeconomic reforms to contribute to the agreement's success. These reforms include a shift to a market-based exchange rate, the removal of import restrictions, and a new directive allowing foreign investors to engage in import, export, retail, and wholesale services.
Trade and Regional Integration Minister Kassahun Goffe reiterated Ethiopia's commitment to leveraging the AfCFTA framework to support sustainable development and lift millions out of poverty through increased trade and investment, particularly in small and medium enterprises.
Secretary-General of the AfCFTA Secretariat, Wamkele Mene, stressed the importance of accelerating the implementation of the AfCFTA at the national level, emphasizing the need for the inclusion of the private sector, youth, and small and medium enterprises in these efforts. He also highlighted the importance of industrial development for the success of the trade agreement.
Mene announced that the Pan-African Payment and Settlement System is now operational, aimed at reducing the costs and complexities of cross-border trade. He also highlighted the AfCFTA Adjustment Fund, which will focus on supporting industrial development and ensuring inclusivity among member states.
The meeting is expected to facilitate critical discussions and foster cooperation among African nations, paving the way for a more integrated and prosperous future for the continent.
The goal of the meeting is to produce a comprehensive report, which will be presented to the Assembly of Heads of State and Government in February 2025. This report will provide a detailed overview of the progress made and challenges faced, aiming to inform and guide the Assembly's future decisions regarding the initiative.