AfCFTA Beyond Economic Benefits, Embodies Vision of Integrated Africa: President Taye.

Addis Ababa: The 15th Council of Ministers Meeting of the African Continental Free Trade Area (AfCFTA) convened in Addis Ababa today, bringing together key stakeholders from across the continent to discuss strategies for boosting trade integration and sustainable development in Africa. In his opening remarks, President Taye Atskeselassie emphasized that the AfCFTA is more than just a trade agreement. It is a powerful tool to drive economic prosperity and foster regional integration across the continent.According to Ethiopian News Agency, the president added that the initiative fosters regional integration, boosts intra-Africa trade, consolidates economic well-being for nations, facilitates the transformation of Africa's structural profile, and promotes growth and sustainability across the continent. "The AfCFTA is a game-changer, transforming small, fragmented markets into a single market of over 1.4 billion people," President Taye said. "It accelerates economic integration and connectivity, paving the way for greater growth and development."The president emphasized that AfCFTA is more than just an economic agreement; it represents a vision for a more integrated Africa. "The AfCFTA extends beyond economic benefits. It embodies our vision for a more integrated Africa that transcends borders and unites us in our pursuit of common goals. The agreement will enhance our collective bargaining power on the global stage, aligning seamlessly with our commitment to sustainable development goals and the African Union's Agenda 2063," he emphasized.He also noted that the AfCFTA provides a framework to enhance food security, promote gender equality, and reduce poverty. Moreover, reaffirming Ethiopia's support for the implementation of the AfCFTA agreement, the president explained Ethiopia's contribution to enhancing AfCFTA's economic community-building process to accelerate Africa's integration agenda by implementing comprehensive macroeconomic reforms at home.He noted Ethiopia's modest contribution to enhancing AfCFTA 's economic community-building process to accelerate Africa's integration agenda. "Ethiopia has recently embarked upon comprehensive economic reforms in line with the second phase of its homegrown economic reform program. Among the recent pivotal reforms are: the shift to a market-based exchange rate; the removal of import restrictions; and a new directive allowing foreign investors to engage in import, export, retail, and wholesale services," he said.Trade and Regional Integration Minister Kassahun Goffe reiterated that the African Continental Free Trade Area is a vital development tool for the continent. The minister emphasized Ethiopia's commitment to leveraging the AfCFTA framework to support sustainable development and lift millions out of poverty through increased trade and investment, particularly in small and medium enterprises.He also highlighted the ongoing efforts of the Government of Ethiopia to actively participate in the AfCFTA negotiation process and the initiation of pilot trades through t he Guided Trade Initiative. He expressed optimism about Ethiopia's service offer, which is currently under review by technical teams.Secretary-General of the AfCFTA Secretariat, Wamkele Mene, stressed the importance of accelerating the implementation of the AfCFTA at the national level. He pointed out the need for the inclusion of the private sector, youth, and small and medium enterprises in efforts to implement the AfCFTA, noting that industrial development is crucial for the success of the trade agreement.Acknowledging the significant progress in establishing value chains to enhance intra-African trade and praising the collaboration with the African Export-Import Bank and the African Development Bank in identifying trade-supporting infrastructure projects, the secretary-general called for improvements in infrastructure to support these initiatives. Moreover, he announced that the Pan-African Payment and Settlement System is now operational, aimed at reducing the costs and complexities of cross-border t rade.The AfCFTA Adjustment Fund was also highlighted as a major step forward, focusing on supporting industrial development and ensuring inclusivity among member states. The meeting is expected to facilitate critical discussions and foster cooperation among African nations, with the aim of presenting a comprehensive report to the Assembly of Heads of State and Government in February 2025.