Guinea dialogues on national strategy for AfCFTA
Key players in Guinea’s economy are meeting to discuss a national strategy for the implementation of the African Continental Free Trade Area (AfCFTA).
The AfCFTA came into force in May 2019. The trade agreement under the auspices of the African Union Commission (AUC) and its partners, the Economic Commission for Africa (ECA) is the largest trade area in the world, with a population of 1.3 billion people, and valued at $2.5 trillion.
According to a press release from the ECA, West Africa office and copied to ghanabusinessnews.com, the validation workshop to discuss the strategy is being organised by the Ministry of Commerce of Guinea in collaboration with the ECA, the International Trade Centre and the AUC, on December 18 and 19, in Conakry.
The two-day meeting is also part of a technical assistance project aimed at deepening trade integration through the effective implementation of the AfCFTA, led by the ECA, in collaboration with the AUC and the International Trade Centre, with financial support from the European Union (EU). It will serve as a presentation framework for discussion and validation of the National Strategy for the Implementation of the AfCFTA in Guinea, the release said.
The release argues that the implementation of the AfCFTA should contribute to the achievement of the following strategic objectives in Guinea; a better appropriation of the content of the AfCFTA by all the actors; the rationalisation of the promotion and support system for foreign trade and the strengthening of the reference framework for public policies; the reduction in transaction costs associated with trade and trade facilitation; the improvement of the business environment and the development and implementation of aggressive sectoral strategies in the area of intra-regional trade; the upgrading of producers (in particular SMEs/SMIs and farmers) and products, and the promotion of the participation of women and the informal sector in cross-border trade.
The release indicated that the discussions will start with a detailed examination of the macroeconomic and commercial profile of the country and the institutional and regulatory framework on one hand, and an identification of the potential opportunities and risks linked to the implementation of the AfCFTA, on the other hand, leading to an action plan which should result in the successful implementation of the Agreement.
“This Strategy document will also propose a framework for monitoring and evaluation of the implementation of the AfCFTA at the national level, in accordance with the content of the Agreement, through the AfCFTA National Committee (AfCFTA-NC) for Guinea,” the release added.
Guinea’s public and private sector are expected to participate in the meeting.
By Emmanuel K. Dogbevi
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