Mr Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA) Secretariat, has announced a digital trade protocol by end of January.
‘Soon, we’ll conclude protocol on women and youth in trade, [which is] very critical for inclusion, and we’ll also conclude protocols on digital trade later this month,’ Mr Mene said.
He said this at the ongoing second Africa Prosperity Dialogues in Aburi, Eastern Region, noting that the protocol would provide regulatory support to empower young Africans.
A 2022 report by Endeavor Nigeria valued Africa’s digital economy at an estimated US$115 billion with a potential to reach US$712 billion by by 2050.
‘The protocol on digital trade positions us to harness the benefits of Africa’s digital economy to ensure digital inclusion, particularly, young Africans who are at the cutting edge of digital innovation and would require the regulatory support for them to thrive in Africa’s digital market,’ he said.
To achieve enhanced production, value addition, and trad
e within the continent, the Secretary General said it was important for all stakeholders to actively engage in producing and exporting goods that would generate employment within Africa.
‘This strategy will not only create local jobs but also ensure that Africa becomes competitive in the global economy of the 21st century,’ Mr Mene said.
On some achievements since the implementation of the pact, three years ago, he said there had been the development of the AfCFTA e-tariff book to provide private sector stakeholders clarity on applicable tariffs for their exports.
‘Additionally, the agreement on rules of origin for a significant portion of tariff lines (92.3 per cent), which account for a major share of intra-African trade (95.5 per cent), lays a solid foundation for the AfCFTA,’ he said.
Speaking at the summit, Mr Ebenezer Twum Asante, Senior Vice-President of Markets, MTN Group, called for an enabling environment for technology to be a critical part of intra-continental trade by breaking the physical ba
rriers.
‘Digitisation should be able to enable productivity in Africa… for us to be part of that distinctive global trade to capture top value we need technology to be able to do that,’ Mr Asante said.
The Africa Prosperity Dialogues is a platform for Africa’s leadership to engage, form partnerships and commit to achieving the ‘Africa Beyond Aid’ agenda envisioned by the African Union (AU).
Some 15 Heads of States from six regional economic communities, over 80 sector ministers, more than 100 top industrialists and financiers and some 800 decisionmakers and thought leaders are attending this year’s summit.
It is being held under the auspices of the African Prosperity Network and the African Continental Free Trade Area (AfCFTA) Secretariat.
Source: Ghana News Agency