BY MBONO MDLULI
MBABANE – If properly implemented, the African Continental Free Trade Agreement (AfCFTA) can remove 30 million Africans from extreme poverty.
This was said by Prime Minister Russell Mmiso Dlamini today (Wednesday, October 9, 2024) during the second edition of the AfCFTA Business Forum, rebranded, the Biashara Afrika 2024. The event is held at Kigali, the capital city of Rwanda.
“According to studies by the World Bank, if properly implemented, the agreement could lift 30 million people out of extreme poverty,” Dlamini said. According to the premier, the AfCFTA existence holds the key to unlocking new opportunities for our young people and women, fostering job creation, promoting regional and continental value chains in sectors such as manufacturing and agriculture, thus enhancing value addition across our diverse economies.
The operationalisation of the AfCFTA, according to Dlamini, now stands as a source of pride and hope for the African continent, in the midst of the calamities facing Africa. Dlamini told the gathering that Africa accounted for only three percent of global trade and intra-African trade stood at a mere 15 percent. “These figures are not just statistics; they are a call to action. They highlight the immense untapped potential that our continent holds and underscore the urgent need for transformative solutions,” he said.
The prime minister said today, Africa’s resolve was further tested by the triple Cs: Covid, Conflict, and Climate. The COVID-19 pandemic has devastated Africa’s economies and disrupted global value chains, exposing the perils of vaccine nationalism and the need for resilient local production capacities, according to the premier.
He pointed out that conflict from the ongoing strife in some parts of the continent and beyond, continued to hinder our progress both in terms of economic growth and social stability. “Moreover, the calamities of climate change that manifest in floods and other natural disasters continue to challenge our ability to sustainable development and growth in the continent,” he said.
In recognition of this potential, the prime minister pledged to rally his fellow leaders at the upcoming AU Summit to champion the full and faithful implementation of the AfCFTA. He pleaded with them to expedite the conclusion of negotiations on critical sectors such as automobiles and textiles. He, therefore, urged those countries that had not yet deposited their instruments of ratification of the Agreement to do so without delay.
“Let us move forward together with renewed vigor and a shared commitment to transform the promise of the AfCFTA into tangible prosperity for all Africans. Our continent’s future hinges on our unity and our ability to fulfill the promises made to our people,” he said. Utilising the vast natural resources of African countries is essential for stimulating economic development, according to Dlamini.
He suggested that such resources should be used more efficiently and collaborate on sharing expertise and technology to mitigate foreign exploitation. Such measures are vital for poverty alleviation, job creation, and technological advancement, according to the premier. Enhanced cooperation among African countries is crucial to drive our continent’s development towards economic independence, and the AfCFTA is a significant step in that direction.
“Your Excellencies, I hope that this Second Edition of the AfCFTA Business Forum will be a tremendous success and will contribute significantly to Rwanda’s inclusive and sustainable economic growth and that of the continent. There shall never be a moment again to revolutionise trade in Africa like now, let’s all seize this opportunity and be part of this wonderful journey,” he said.
He further stated that Eswatini also promised to be amongst those who wanted to dare to invent the future of the AfCFTA. “The Kingdom has already declared readiness to trade under the AfCFTA and has joined the Guided Trade Initiative which will pave the way for Eswatini traders to actively participate in the African commercial activities. We are looking forward to receiving the Secretariat in the Kingdom to continue with engagements under this initiative,” he said.
The prime minister thanked Rwanda’s President Paul Kagame for having convened such an important meeting in his country. He also acknowledged the presence of AfCFTA Secretary General Dr Wamkele Mene and thanked him for helping Eswatini to position itself to gain the benefits that came with being a member of this Agreement. The premier extended warm greetings of Their Majesties and the entire Eswatini nation to the meeting, stating that His Majesty King Mswati III would have loved to be in the meeting, but due to many national commitments, he could not.
