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    BREAKING NEWS
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    African Union Commission, Food and Agriculture Organization Launch a Blueprint to Assist Countries Enter Africa’s New Single Market

    Posted On 28 Apr 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Richard Adorsu-

    Photo Credit: African Centre for a Green Economy

    NEW AFRICA BUSINESS NEWS (NABN) Accra- The African Union Commission’s Department of Agriculture, Food and Agriculture Organization of the United Nations (FAO), Rural Development, Blue Economy and Sustainable Development (AUC-DARBE) have launched a blueprint to boosting intra-African agricultural trade under the new African Continental Free Trade Area (AfCFTA) agreement. The AfCFTA began trading on 1 January 2021 and is the largest free trade area in the world in terms of the number of countries covered. It represents a market of 1.2 billion consumers.

    The Framework for Boosting Intra-African Trade in Agricultural Commodities and Services is a blueprint for expanding agricultural trade between African countries and aims to unlock the potential of the agricultural sector to contribute to sustainable and inclusive growth for Africa. Increased trade represents a paradigm shift away from business as usual and is an important part of the collaborative work towards boosting food security and nutrition for all Africans.

    “The Framework provides a timely catalyst for the transformation to more efficient, inclusive, resilient and sustainable agri-food systems, sustainable development and prosperity in Africa. A key priority is the pursuit of industrial transformation policies and programmes that support the private sector to add value to African exports, compete with imports from outside Africa and expand opportunities for job creation,” FAO Assistant Director-General and Regional Representative for Africa Abebe Haile-Gabriel, African Union Commissioner Josefa Sacko, and
    AfCFTA Secretary-General Wamkele Mene jointly stated in the publication’s foreword.

    Africa is a net food-importing region of commodities such as cereals, meat, dairy products, fats, oils and sugar, importing about USD 80 billion worth of agricultural and food products annually. A small share of Africa’s total agricultural trade is with other African countries. Intra-African agricultural trade is estimated to be less than 20 percent.

    The Framework will help policy-makers and the private sector to develop strategies, policies and programmes to promote intra-African agricultural trade and the development of agricultural value chains, so that stakeholders, including farmers, small and medium agri-businesses, women and youth, can reap the benefits of the AfCFTA single market. Action areas include trade policy, trade facilitation, productive capacity, trade-related infrastructure, trade finance, factor market integration and cross-cutting issues including the strengthening of trade and market information systems.

    African countries have undertaken commitments to remove tariffs on 90 percent of over 5,000 tariff lines and to liberalize services. It is estimated that tariff liberalization in the transition phase could generate welfare gains of up to USD 16.1 billion, and growth in intra-African total merchandise trade of 33 percent, up from 15 percent.

    The AfCFTA comes after African Heads of State and Government committed in 2014 to triple intra-African trade in agricultural commodities and services by the year 2025 as part of the Malabo Declaration.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    Email: Info@newafricabusinessnews.com

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    10 Comments

    1. Nobel April 28, 2021 at 3:17 am Reply

      The African Continental Free Trade Area began 1st January of this year and trade within Africa has grown rapidly despite the pandemic. Great news. Nobel in Gaborone BOTSWANA

      • New Africa Business News, Staff Correspondent April 28, 2021 at 3:18 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Bolade April 28, 2021 at 3:25 am Reply

      Free trade in the agricultural sector is expanding and growing all over the Continent. Our farmers would do well in this free trade within the continent. Reports are starting to show that. Lagos Nigeria. Bolade

      • New Africa Business News, Staff Correspondent April 28, 2021 at 3:42 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Hans April 28, 2021 at 3:28 am Reply

      Thank you, Richard for the report. Hans in Berlin Germany

      • New Africa Business News, Staff Correspondent April 28, 2021 at 3:41 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Kim April 28, 2021 at 3:31 am Reply

      Love your daily newsletters. Thank you. Luanda in Angola. Kim

      • New Africa Business News, Staff Correspondent April 28, 2021 at 3:41 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Farida April 28, 2021 at 3:39 am Reply

      This free trade area is Africa. People and businesses are very glad for this free trade. Now trade can happen freely in the continent. This would reduce poverty and increase wealth in Africa. Dodoma in Tanzania. Farida

      • New Africa Business News, Staff Correspondent April 28, 2021 at 3:41 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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