The Financial Fee for Africa (ECA) and the African Continental Free Commerce Space (AfCFTA) have signed a Memorandum of Understanding (MoU) to boost commerce implementation on the continent.
An announcement by the Govt Secretary of ECA, Claver Gatete, on Tuesday stated the MoU was signed on the Africa Enterprise Discussion board (ABF 2025) in Addis Ababa, Ethiopia final weekend.
Gatete emphasised that each organizations are dedicated to fostering cooperation to assist the efficient implementation of the AfCFTA.
The MoU units the stage for nearer collaboration between the 2 establishments, with a deal with advancing commerce integration, industrialization, and personal sector growth throughout Africa.
The settlement establishes a framework for ECA and the AfCFTA Secretariat to work collectively in key areas, together with market entry and commerce facilitation, supporting the removing of tariff and non-tariff boundaries to commerce.
“We now have the economic and regional worth chains, selling industrialization and deeper financial linkages throughout African economies,” Gatete said.
He added that the partnership would contain coaching and capability constructing to strengthen institutional and technical capacities for implementing AfCFTA insurance policies, in addition to enhancing commerce logistics and cross-border effectivity.
“The implementation of AfCFTA is a transformative alternative for Africa, however its success is dependent upon sturdy institutional partnerships. This MoU solidifies our dedication to working with the AfCFTA Secretariat to drive commerce integration, improve market entry, and assist Africa’s financial growth,” Gatete stated.
“Collectively, we will create a extra enabling surroundings for African companies and governments to completely make the most of AfCFTA’s advantages. With AfCFTA aiming to create a single African market of 1.3 billion folks with a mixed GDP of three.4 trillion {dollars}, this MoU represents an important step in unlocking the complete potential of intra-African commerce,” Mene said.
The partnership will deal with creating concrete commerce facilitation packages, coverage reforms, and capacity-building initiatives to make sure the sleek implementation of the AfCFTA.
The African Union (AU) has formally endorsed Nigeria because the Digital Commerce Champion for the continent below the Africa Continental Free Commerce Space (AfCFTA) Digital Commerce Protocol.
In his annual report on the progress of the AfCFTA’s Digital Commerce Protocol, former President of Niger Republic and AU AfCFTA Champion Mahamadou Issoufou praised Nigeria’s management for organizing the Digital Financial system Roundtable in January. He highlighted the occasion’s pivotal function in advancing the digital commerce agenda.
