Accelerate the implementation of the AfCFTA, key to Africa’s recovery after COVID-19
Addis Ababa, Ethiopia, May 22, 2021 (ECA) – The United Nations Economic Commission for Africa (ECA) has stated that it will continue to work closely with its member states, the African Union Commission and other key stakeholders for the effective implementation of the Continental Free Trade Area (AfCFTA) which should deepen and develop intra-African trade and help the continent to make better progress in the aftermath of the COVID-19 pandemic .
In response to the Canadian Prime Minister, in Justin Trudeau’s statement announcing $ 15.2 million in funding to the ECA’s African Trade Policy Center (ATPC), Executive Secretary Vera Songwe said the AfCFTA was offering a excellent policy framework for Africa to build inclusive and resilient economies after COVID. -19.
To achieve this, she said, ECA will continue to work on innovative ways to help address Africa’s development challenges by helping countries and regions integrate the AfCFTA into their own realities to make it applicable.
“Canada’s continued contribution to this trade-related technical assistance has enabled a significant expansion of ECA’s support to the AfCFTA process, with particular emphasis on inclusion and gender equality as goals. specific to the grant agreement, ”Ms. Songwe said.
She added that ECA was grateful for Canada’s continued support to ECA, especially for its work in implementing the AfCFTA program.
“ With the financial support of Canada and by working closely with AU Member States, the African Union Commission and other key stakeholders on the continent, we will continue to strive for the achievement of a more inclusive trade agenda for Africa. We will also continue to pay attention to the role of the private sector in the implementation of AfCFTA, ”said the Executive Secretary of ECA.
For his part, CLTS coordinator David Luke said: “The grant will enable the Center to carry out analytical, training and capacity building work to reduce trade barriers in Africa, including for women entrepreneurs and shopkeepers; and develop climate-friendly strategies for a forward-looking implementation of the AfCFTA ”.
Mr. Trudeau made the announcement at the recent Summit on Financing African Economies, hosted by French President Emmanuel Macron. He said Canadian funds will support the implementation of the AfCFTA, a key step in African economic integration that will create jobs and growth across the continent.
AfCFTA is on track to become the largest free trade area (FTA) in the world economy, covering a market of 1.2 billion people with a combined GDP of US $ 2.5 trillion, which is expected to reach US $ 29 trillion by 2050.
In his summit speech, Prime Minister Trudeau announced additional support for African economies hard hit by the coronavirus pandemic, including $ 5 million for the regional program to improve disease surveillance systems through World Bank to strengthen national and regional disease surveillance capacities. and preparedness for epidemics in West Africa, and to provide an immediate and effective response to emergencies.
“ We cannot defeat this virus and build back better at home if not all countries have the resources to respond and recover from this global challenge. With some of the fastest growing economies in the world and some of the youngest populations on the planet, Africa’s success and recovery is key to our common future. Only together can we lay the foundations for a better world, ”he said.
The Financing of African Economies Summit brought together heads of state and government from Africa and around the world to address specific financing needs to support a rapid, green, sustainable and inclusive recovery in Africa.
Economic Commission for Africa
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Phone: +251 11 551 5826
Email: [email protected]
ECA – United Nations Economic Commission for Africa published this content on May 22, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 22 May 2021 04:14:06 PM UTC.