During the ongoing Afreximbank Annual Meetings 2024 (AAM2024) and the AfriCaribbean Trade and Investment Forum (ACTIF2024) in the Bahamas, H.E. Mr. Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, emphasized the critical importance of harmonizing standards to boost industrial development and investment across Africa. Speaking at the session titled ‘Making the African Continental Free Trade Agreement Work for Global Africa,’ he outlined several key measures necessary for the continent’s economic growth.
Mr. Mene highlighted the need for common local content rules, also known as Rules of Origin, which are essential for fostering industrial development. He stated, “First, we need to have common local content rules, or Rules of Origin, to foster industrial development in Africa. Second, to foster investment in Africa.” These rules are designed to ensure that products traded within Africa meet specific criteria, encouraging local production and adding value within the continent.
Discussing the streamlining of trade processes, Mr. Mene disclosed the development of a new transit guarantee scheme. “We are now in the process of creating what we call a simple transit guarantee scheme, underwritten by Afreximbank up to $800 million, to enable the exporter to have only one single transit guarantee scheme that will smoothly and efficiently enable them to move their products across the various parts of the continent,” he explained. This scheme aims to simplify the movement of goods, reducing bureaucratic hurdles and boosting trade efficiency.
Mr. Mene also stressed the necessity of self-reliance for Africa’s future. He remarked, “We know we’re not going to be saved by somebody in another part of the world. It is us as Africans who have to make sure that we redouble our efforts to lift our continent out of the condition that it has been in since the colonialists left our shores.” His comments reflect a growing sentiment that Africa’s economic and industrial progress must be driven from within the continent.
The Afreximbank AAM2024 and ACTIF2024 events have brought together leaders from across Africa and the Caribbean to discuss and forge stronger economic ties and cooperative strategies. The emphasis on standards harmonization and streamlined trade processes is seen as vital to enhancing Africa’s economic integration and global competitiveness.
Source: Afreximbank on LinkedIn
