AfCFTA pledges support for private sector bill of rights

AfCFTA pledges support for private sector bill of rights


The African Continental Free Trade Area (AfCFTA) has committed to support the Private Sector Bill of Rights (PSBoR) to establish an appropriate trade and investment environment for intra-African trade across the continent.

This was contained in a statement signed yesterday by AfCFTA Secretariat Principal Communications Advisor Grace Khoza. According to the statement, PSBoR leverages the Protocol of the African Regional Economic Community (REC) and the AfCFTA Agreement, which has been ratified by 47 African countries and signed by 54 member states.

He said the bill is a pioneering initiative proposed by the African Private Sector Summit (APSS) in collaboration with the Pan African Chamber of Commerce and Industry (PACCI).

“In order to work closely with the private sector, the AfCFTA Secretariat will collaborate with APSS to host a private sector session, and APSS will host an ecosystem-based side event at the just-concluded Intra-African Trade Fair (IATF) in 2023. led by Cairo.

“Other stakeholders in the APSS-led ecosystem included PACCI, AfCFTA Policy Network (APN), and African Education Trust Fund (AETF).

“The event highlighted the importance of the African Private Sector Development, Rights and Protected Environment Charter and the PSBoR as an enabling business environment in Africa.

“The AfCTFA Secretariat is committed to supporting the private sector and bringing the PSBoR into the mainstream discussion of African economic integration by leading interventions based on the APSS ecosystem.”

The statement said that as the private sector is a key driver in the implementation of AfCFTA, engagement with key stakeholders is essential throughout this session.

“Working with regional economic communities (RECs) and strategic partners, along with economic stakeholders, will contribute to creating a favorable environment for businesses to grow under the AfCFTA agreement.”

The statement quotes Wamkele Mene, Secretary-General of the AfCFTA Secretariat, as saying: “The private sector is central to achieving the goals of the AfCFTA as it creates jobs, fosters innovation and enables fair competition for business on the continent.

“The PSBoR will be incorporated into the AfCFTA report to the AU National Summit in February 2024, in the context of the African Union’s 2023 theme ‘Accelerating AfCFTA Implementation’.”

He also quoted Professor Kingsley Mogul, Chairman of APSS, as saying: “Regional trade within the continent accounts for only 16 percent of Africa’s world trade, in stark contrast to 68 percent in Europe, 59 percent in Asia, and 30 percent in North America.”

“Once fully implemented, the AfCFTA is expected to increase intra-African trade by 52 percent, lift 30 million people out of poverty and increase the continent’s gross domestic product by $1 billion by 2035. .”

Source: guardian.ng

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