Business Headline News

Stakeholder advocates domestication of AfCFTA

The Senior Special Assistant to the President on Public Sector Matters and Secretary of the National Action Committee on AfCFTA, Mr. Francis Anatogu says the African Continental Free Trade Agreement will help to deepen economic integration of the continent.

Mr. Anatogu said it would also improve and expand intra-Africa trade, enable rule-based engagement facilitating dispute resolution and addressing injurious trade practices.

He made this known at a Leadership Stakeholders Consultation on ‘Defining the Trade in Service Strategy for the AfCFTA’.

According to him, the agreement will also serve as the foundation for establishment of a continental Customs Union.

Mr. Anatogu said the Pact would assist in the harmonization of policies, regulations and standards, as well as lead to customs co-operation and mutual administrative assistance.

He noted that AfCTA will double intra-Africa trade flows, currently at 15 per cent as well as double Africa’s share of world trade from three per cent to six per cent over the next 10 years.

Reporting by Victoria Chimezie; Editing by Adeniyi Bakare