Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene has said that a major hindrance to intra-African trade is the high tariffs on agricultural products.
In his remarks at the Alliance for a Green Revolution in Africa (AGRA) session at the ongoing 2024 Edition of the World Economic Forum Annual Meetings being held from Tuesday, 16th January, to Friday, 19th January, stated that the continent’s significant food market, with $50 billion in annual imports, is highly fragmented.
The Russia/Ukraine crisis highlighted Africa’s overreliance on grain imports, despite having capable grain-producing countries like Zimbabwe, Ethiopia, and Uganda, he explained.
Today, at the Wall Street Journal event ‘Trade’s Transformative Power’, H.E.@MeneWamkele spoke about Africa’s trade evolution. Emphasizing AfCFTA’s role beyond a trade agreement, he highlighted its aim to catalyze economic growth through #labour and #innovation. Key focuses… pic.twitter.com/eOIOzIr9sR
— AfCFTA Secretariat Official (@AfCFTA) January 16, 2024
“A major hindrance to intra-African trade is the high tariffs on agricultural products,” he stressed.
He stated that the AfCFTA Agreement seeks to address this by eliminating these tariffs, thereby enhancing intra-continental trade.
“Lastly, digitization presents a transformative opportunity for Africa’s agric sector, impacting the broader economy and enhancing overall efficiency and productivity,” he said.
The World Economic Forum has signed a collaboration agreement with the State of Qatar to establish a Centre for the Fourth Industrial Revolution (C4IR) in Qatar.
A Centre for the Fourth Industrial Revolution will also be established in Viet Nam.
The World Economic Forum’s Humanitarian and Resilience Investing (HRI) Initiative announced more than 50 commitments, from over 40 partners, to boost impact investment in frontier markets.
Mr Wamkele Mene further underscored the need to revamp rules and regulations to support the youth through digital leapfrogging.
The AfCFTA protocols on Digital Trade, Youth and Women, he noted, will transition from aspirations to legally binding actions to that effect.
He was speaking during one of the sessions
The session highlighted the importance of engaging with young people, ensuring their voices are not just heard, but are instrumental in shaping Africa’s future.
Still in #Davos24, at the Africa Collective and Novartis Health Roundtable, H.E. @wamkele highlighted pivotal steps for Africa’s #healthcare advancement. Emphasizing the need for a harmonized regulatory framework, he called for enhanced #investment in #healthcare, which he… pic.twitter.com/PI5rPbF1Mg
— AfCFTA Secretariat Official (@AfCFTA) January 16, 2024