Kagame who is also the Chairperson for the African Union (AU) was speaking Tuesday in Kigali in African Continental Free Trade Area Business Forum.
The Forum takes place following yesterday’s special session of African Union’s Executive Council and last week’s session of Permanent Representatives Committee preparing the signing of the agreement establishing AfCFTA.
Kagame said that tomorrow, Heads of States will sign a historic agreement, creating a Continental Free Trade Area. He said the road to such point has been long and they still have a few more steps to take. However, he said they are persisting towards new chapter in the story of African unity.
He said that the stakes are enormous for Africa and the entire global economy where Africa will contribute greater share in the decades to come.
“The creation of one African market necessarily entails a metamorphosis, in how we think, and act. The full involvement of the private sector is needed, more than ever before,” he noted.
He said everyone wishes that the consultation between business and political leadership at all levels becomes a continuous feature of continental deliberations.
“It should be understood, that profit and power are not an end in themselves. They are tools for creating prosperity, for every African. The AfCFTA symbolises our progress toward the ideal of African unity, but that is not the only reason, why it is historic. These are the kinds of complex products, that drive high-income economies,” he said.
Less than 20% of Africa’s trade is internal, meaning from one African country, to another. However, in the world’s richest regional trading blocs, the level of internal trade is three or four times higher.
“Increasing intra-African trade does not mean doing less business with the rest of the world. On the contrary, as we trade more among ourselves, African firms will become bigger, more specialised, and more competitive internationally,” Kagame noted.
“Let’s also be realistic. We cannot take the Continental Free Trade Area for granted. After it is signed, there will still be challenges. Any concerns or technical issues that remain should be addressed fairly but also expeditiously. Work on some additional protocols and annexes will also continue. Once again, the full engagement of the private sector will be absolutely essential,” he reminded.
Kagame called African countries to raise ambitions and work towards success of free trade. He requested them to move rapidly to accomplish the other flagship projects, in the first Ten-Year Implementation Plan of the African Union’s Agenda 2063.
He also called Member States to ratify the agreement and play their part to communicate their rationale and urgency to their parliamentarians, civil society organisations, and chambers of commerce and the media.
Kagame noted that the implementation will mean reform of procedures and rules, at the national level; however, he reminded that it won’t happen overnight as it will be a process requiring dialogue and flexibility.
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