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AFREXIM Bank President defends African Trade Agreement

 

By Tony Obiechina 

 

The President of AFREXIM Bank, Dr Benedict Oranma, has stated that the implementation of the African Continent Trade Agreement (AfCFTA) would accelerate the integration of Africa markets, foster regional value chains and promote dynamic comparative advantages across the continent.

Dr Oranma stated this at the 25th Annual General Meetings of the Cairo-based Bank in Abuja on Wednesday.

He said the program would allow a robust debate and knowledge-sharing, a platform that would “define the key opportunities and challenges for a roadmap to transform the trade landscape and shape a better future and quality of life for Africans.”

President Muhammadu Buhari had declined assent to the Agreement, which is expected to increase intra-African trade by 52.3 per cent from the current 19 per cent.

The Federal Executive Council had in March this year approved that Nigeria should sign the framework agreement for the establishment of the initiative.

Already, 44 African countries have endorsed the agreement, which will enable them to form a three trillion-dollar continental Free Trade Zone.

The AfCFTA identifies seven priority action clusters for its implementation, which include, trade policy, trade facilitation, productive capacity, trade-related infrastructure, trade finance, trade information and factor market integration.

 

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