Swazi Observer

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AFCFTA TO BOOST INTER-REGIONAL TRADE - PREMIER

By Qondile Ntiwane | 2019-04-21

Prime Minister Ambrose Dlamini has highlighted that the African Continental Free Trade Area (AfCFTA)will boost inter-regional trade by removing over 90 per cent of all tariff and non-tariff barriers to trade.

Making his remarks during the AfCFTA dialogue themed ‘AfCFTA opportunities for Eswatini businesses and collaboration between private sector and government in economic turnaround’ hosted by Business Eswatini at the Happy Valley Hotel yesterday, the prime minister said the removal and easing of tariff barriers was a great step in enhancing continental trade and provides a gigantic opportunity for businesses across Africa to minimise operational costs and maximise profit.

He said this was an exciting development for Eswatini as government intended, among other interventions, to forge towards an export driven economy for accelerated economic growth.

He stated that for too long, Africa had remained behind other regions in terms of facilitating effortless trade.

“Intra-Africa trade currently stands at a disappointing 18 per cent, compared to 70 per cent in Europe, 55 per cent in North America, 45 per cent in Asia, and 35 per cent in Latin America.

“The current scenario is suffocating Africa’s business potential and by extension economic growth, hence Eswatini welcomes the establishment of the AfCFTA with excitement,” he said. He noted that the Eswatini business community stands to benefit the most from hosting this coveted African organ.

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He added that moreover, winning the bid would create demand for the establishment of new diplomatic missions and commercial offices as well as supportive bodies such as research institutions, think tanks, audit firms, travel agents and many more.

“This is exactly where the business community comes in. Hosting the AfCFTA Secretariat comes with a lot of opportunities for entrepreneurs across many sectors of business in Eswatini.

“We look up to you to tap into these opportunities through further research and innovation to help improve the country’s economy,” he said.

The PM said he had no doubt that Eswatini stands a good chance of winning the hosting rights for the AfCFTA Secretariat despite competing against some of the biggest economies in Africa. “As a country, we have the advantage of having the best infrastructure and facilities in the continent, and have been actively involved in the African trade revolution consistently for many years,” he said.

He said while the country waits for the arrival of the AU evaluation team between May 10-12, there is need to continue spreading the word among all Emaswati about the significance of the opportunity the country is presented with.

“I hope that when the evaluation team is here, they will sample and appreciate the hospitality that Emaswati are known for and be convinced that, indeed, Eswatini is ready to host Africa.

The AfCFTA is tipped to be the world’s biggest trade organ in terms of membership, since the establishment of the World Trade Organisation. It intends to bring together all 55 African Union Member States under a common trade banner. With a projected cumulative Gross Domestic Product (GDP) of US$3.4 trillion and a combined population of 1.2 billion inhabitants, the AfCFTA is earmarked to create a single market for Africa.

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