Over 20 Heads of States and Government from different African Countries and other dignitaries from the continent are in Kigali for the 10th Extraordinary Summit of the African Union (AU) from which on Wednesday, they will sign the Africa Continental Free Trade Area (AfCFTA) pact.
Speaking at the banquet, Kagame said that today, they honour the people of the continent.
“The AfCFTA that is being launched provides one market across the continent which may not happen overnight but will absolutely happen because I think the AfCFTA is too important to fail,” he said.
Kagame expressed his thanks to his Niger counterpart President Mahamadou Issoufou who is the CFTA champion for the continent.
“Thank you for the work you did. The direction you set for this important task is a very commendable one and I want to thank you on behalf of other leaders tonight,” he said.
Kagame said, he looks forward to working with everyone of the leaders to make the continental business very successful.
“May I wish Excellencies, Heads of State and Government all of you good health and success in the different endeavours we are undertaking,”
What you should know about AfCFTA
The AfCFTA is a flagship project of Agenda 2063. It was approved by the AU Summit as an urgent initiative whose immediate implementation would provide quick wins, impact on socio-economic development and enhance confidence and the commitment of Africans as the owners and drivers of Agenda 2063.
By supporting African industrialization and economic development, the AfCFTA can also help to reduce the continent’s reliance on external resources. This would allow Africa to better finance its own development, which is recognized under Goal 17.
AfCFTA will cover an African market of 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion, across all 55 member States of the African Union. In terms of numbers of participating countries, the CFTA will be the world’s largest free trade area since the formation of the World Trade Organization (WTO).
By consolidating the continent into one trade area provides great opportunities for trading enterprises, businesses and consumers across Africa and the chance to support sustainable development in the world’s least developed region.
The Economic Commission for Africa (ECA) estimates that the AfCFTA has the potential both to boost intra-African trade by 53.2% by eliminating import duties, and to double this trade if non-tariff barriers are also reduced.
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