AfCFTA an opportunity to access African markets

The African Continental Free Trade Area (AfCFTA) will provide an opportunity for locally produced goods to access African markets.

These sentiments were shared by various speakers at the official launch of Namibia AfCFTA awareness campaign in Windhoek yesterday.

In her keynote address, deputy minister of Industrialisation and Trade Verna Sinimbo urged the business community to take full advantage of the benefits offered under AfCFTA.

“AfCFTA is expected to increase intra-African trade, enhance regional and continental value chains, through the establishment of viable and competitive industries in the continent. This entails increasing production capacities, diversification and adding value to our raw materials as well as to ensure that our produce is finding its place of exports on the African continent.”

This could culminate in innovation, employment opportunities and wealth creation to the citizenry of the African people, especially, women and youth, she added.

African currencies

Sinimbo pointed out that the Pan African Payment and Settlement System has been developed to ensure that trade under the AfCFTA will be done through the African currencies.

“This means that, Namibian exporters including informal traders will now be able to settle their imports using the local currency and receive payments in the local currency when exporting goods and services within the continent, this will make trade easier and reduces trading costs to the minimal,” she said.

Namibian exporters will have access to trade information such as applicable tariffs, schedules of specific commitments on trade in services online.

The Ministry of Industrialization and Trade in collaboration with the Namibia Trade Forum (NTF) will continue to provide necessary information series and ensure that traders are well equipped and ready to trade under the AfCFTA.

“We have to ensure that women traders, youth and informal traders are aware of the agreement through all public and private sector dialogue platforms available,” she said.

The Namibia AfCFTA awareness campaign will be held countrywide to inform local businesses on how they can exploit opportunities under the trade agreement. [email protected]