Wamkele Mene, the secretary general of the African Continental Free Trade Area, says AfCFTA’s partnership with the African Export-Import Bank (Afreximbank) has deepened trade among members and boosted intra-African trade.
Mene, who was speaking at the second edition of the Intra-African Trade Fair in South Africa, said the plan is to boost intra-African trade above the current 18% mark.
“Our ambition is that, by the year 2035, we boost intra-African trade above the 18% which ends the year 2021. And we believe that these trade fairs are one of the tools for being able to get us to the point where we have doubled intra-African trade by 2035.
“That is why the partnership we have with Afreximbank is of critical importance because we want to demonstrate results in boosting intra-African trade.”
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The AfCFTA boss also said that the Africa Free Trade Secretariat’s pan-African payment and settlements system will enable traders to transact business on a digital platform in any part of the African continent without worrying about currency conversion.
“We’re also working with Afreximbank to establish a pan-African payment and settlements system that will enable you to transact in real time on a digital platform with somebody or an entity in another part of the African continent using your local currency,” he said.
The Intra-African Trade Fair (IATF) is one of the largest trade shows on the continent, providing a platform for sharing trade, investment and market information and enabling buyers, sellers, investors and countries to meet, discuss and conclude business deals.
Organised by the African Union, the African Export-Import Bank and the Government of the Republic of South Africa, the fair offers an opportunity for exhibitors to showcase goods and services, and engage in business-to-business deals.
The IATF further provides a valuable platform for businesses to access an integrated African market of over 1.2 billion people with a GDP of more than US$2.5 trillion created under the AfCFTA.
Nicholas Brown
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