Regional Workshop Series on the African Continental Free Trade Agreement Organized by the International Islamic Trade Finance Corporation, the United Nations Economic Commission for Africa and Enhance Integrated Framework (EIF) of the World Trade Organization (WTO) for Key Economic Stakeholders
International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the United Nations Economic Commission for Africa, the Enhanced Integrated Framework (EIF) and the governments of Benin, Burkina Faso, Guinea, Mauritania, Niger, Senegal and Togo, in selected countries A series of workshops were organized to promote and assess countries’ readiness to implement various aspects of the African Continental Free Trade Agreement.
The African Continental Free Trade Agreement (AfCFTA) was officially launched in 2021, creating a free trade area with the largest number of participating countries in the world, connecting a population of 1.3 billion in 55 African countries.
The workshop covered the specific country context in the implementation of the African Continental Free Trade Area, bringing together key actors and stakeholders from the public and private sectors in the host countries. These stakeholders provide input, recommendations and input to inform the development of guidance and policy documents for countries to develop national strategies for the implementation of the African Continental Free Trade Area.
In line with their respective commitments to promote trade as a development tool in Africa, ITFC, UNECA and EIF used these workshops to provide government, national private sector and civil society organization (CSO) participants with the opportunity to brainstorm, co-design and develop policies. Collaborate on country- and sector-specific roadmaps, taking all concerns and resources into account. The success of the African Continental Free Trade Area will largely depend on a collaborative approach, and integrating the private sector perspective into national implementation strategies is a key factor in realizing the full economic development potential of the free trade agreement.
Benin version seminar series started in 2009th to 10th October 2023 in Cotonou. The domestic seminar brought together experts, public and private institutions and civil society participants from 12 cities across the country. The review focused on trade support and access to finance for Benin’s implementation of the African Continental Free Trade Area.
Ouagadougou seminar aimed at engaging private sector actors in Burkina Faso takes place on 11 Novemberth to 12th May 2022. It provides the government and its partners with the opportunity to educate private sector actors on key directions for the implementation of the African Continental Free Trade Area national strategy, gather their views, outline their responsibilities and encourage them to contribute to the financing of the African Continental Free Trade Area activities within.
Held in Mamu on the 9thth and 10th Conakry on September and 13thth to 14th In September 2023, the workshop brought together stakeholders from SMEs, transport, exports, civil society and investment promotion sectors to review the findings of experts and provide input into the country’s national strategy document. The discussion centered around the competitiveness of local economic actors and the impact of the African Continental Free Trade Area on trade and investment.
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The city of Nouakchott hosted a national workshop attended by representatives of government agencies and the private sector. The workshop was part of the validation process of the National Strategy Document for the implementation of the African Continental Free Trade Area.
It is recognized that the central role of private sector actors, women and young entrepreneurs, civil society, customs administrations and experts from the Ministry of Trade at central, local and cross-border levels is essential for Niger to fully benefit from the African Continental Free Trade Area Huge economic opportunity. It is in this context that more than 270 stakeholders from targeted cities such as Niamey, Dosso, Maradi and Agadez are working on implementing the African Continental Free Trade Area’s initiatives, tools and key Capacity was strengthened on instruments including the Niger Agreement rules of origin, tariff concession lists, challenges and opportunities.
Recognizing the key role of the private sector in the successful implementation of the AfCFTA, the Government of Senegal convened key stakeholders to consult on guidelines for the application of AfCFTA provisions to the private sector. These deliberations provided an opportunity for government stakeholders to gather input, suggestions and remarks from key players to draft the final versions of the four guidelines on rules of origin, trade in services, trade in goods and non-tariff barriers.
Togo has one of the largest ports in the West African sub-region and is very interested in developments in the continent’s maritime sector. This laid the foundation for a national consultation workshop, which brought together relevant public and private actors in the maritime sector. Stakeholders discussed the impact of the implementation of the African Continental Free Trade Area on Togo’s maritime sector and whether the country is ready to take advantage of the opportunities presented by the agreement.
Commenting on the importance of the workshops, Mr Amadou Cire Sall, ITFC Regional Coordinator, Trade and Commerce Department said: “The workshops provide a platform for stakeholders to deliberate on national developments within the context of the African Continental Free Trade Area. These workshops The meeting also provided ITFC and other strategic partners with a clear view on how we can best support governments in implementing the agreement. We believe the outcome of the review will influence the next phase of the implementation of the African Continental Free Trade Area in host countries, and ITFC stands ready. Support efforts to achieve this goal.”
Mr Mamadou Sebego, Economist at UNECA, added: “Trade organizations at the regional and international levels must support local actors not only by making them aware of the AfCFTA and its impact on the economy, but also by being able to participate in the localization of the agreement within the African Continental Free Trade Area. The success of these workshops is intrinsically linked to the ownership of all economic and trade actors in the private sector, governments and civil society. Together the EIF supports all players in the trade sector.”
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. The main objective of its establishment is to promote trade among the OIC member states, which ultimately contributes to the overall goal of improving the socio-economic conditions of people around the world. ITFC began operations in January 2008 and has provided $75 billion in financing to OIC member states, making it a leading provider of trade solutions that meet the needs of these member states. The company’s mission is to be a catalyst for trade development in OIC member states and beyond, helping entities in member states better access trade finance and providing them with the necessary trade-related capacity-building tools to enable them to trade successfully. Activity. Compete in the global market.
