The African Continental Free Trade Agreement (AfCFTA)

“By creating one African market, we are transforming the African landscape by creating a large market of 1.27 billion people (expected to be 1.7 billion in the next eleven years) with a growing middle class of 350 million (which is projected to reach 600 million by 2030). This provides an opportunity for economies of scale, large scale and long term investments. Arising from this, the basic incentive for businesses operating in the AfCFTA is that they will face huge and attractive opportunities”. H.E. Ambassador Albert Muchanga, Commissioner for Trade and Industries at the African Union (AU). Speaking at TWA Summit

Read previously released press release below Champion of Trade - H.E. Ambassador Albert Muchanga - AU Commissioner Following a successful launch of the African Continental Free Trade Agreement (AfCFTA), H.E. Ambassador Albert Muchanga, African Union Commissioner for Trade and Industry was presented with the Champion of Trade Award at the 2nd edition of the Trade with Africa Business Summit in Chicago. The Trade With Africa Business Summit presents an effective platform to facilitate trade discussions and provides a front row sit to global business leaders around the world looking to engage, build partnerships as well as educate themselves on the growing economic impact and opportunities that Africa presents.

“We have found in Ambassador Albert Muchanga a leader with a clear vision, tenacity and rigor and on behalf of my generation, it was an honor to have presented the Champion of Trade award to His Excellency” said Toyin Umesiri, CEO Nazaru LLC. and Founder of the Trade with Africa Business Summit.

Watch award presentation and celebration below

In receiving the Champion of Trade Award, Commissioner Muchanga noted that the launch of the African Continental Free Trade Area was the result of teamwork under the Leadership of the Champion of the AfCFTA process; H.E. Issoufou Mahamadou, President of the Republic of Niger and H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission (AUC). In addition, He emphasized the dedication of staff from the Department of Trade and Industry, the collaboration with other Departments within the AU Commission and more important, the unwavering political commitment from AU Member States and the role played by key development partners. While attending the event H.E. Ambassador Muchanga also delivered a keynote address on the African Continental Free Trade Area covering three main points which were;

  1. The AfCFTA and the opportunities it brings to investors and traders,
  2. The status of implementation of the AfCFTA Agreement
  3. And the point on what lies beyond the launch of the operational phase of AfCFTA that was held in Niamey, Niger on the 7th July, 2019.

Watch Keynote Address on AfCFTA below:

Responding to question on the challenges in the implementation of the AfCFTA, the Commissioner emphasized that effective monitoring of the implementation of the AfCFTA will be essential in order to detect possible issues (such as trade deflection) and address them. In the medium to long term, the answer will be to move towards a customs union and ultimately realize the African Economic Community as envisaged in the Abuja Treaty of 1991. Commissioner Muchanga congratulated Mrs. Toyin Umesiri, CEO Nazaru LLC., for initiating the Trade with Africa Business Summit and commended her for the impressive and progressive initiative. He encouraged her to continue to work with the AU Permanent Mission in the US to expand the initiative so as to reach out to the African diaspora and African community in the US. The Trade With Africa Business Summit represents a great platform to sensitize these constituencies to invest in the African integrated market created by the AfCFTA, concluded Commissioner Muchanga.

In the context of the African Continental Free Trade Agreement (AfCFTA) the timing is right for U.S. and global business leaders to develop effective strategies towards Africa. It was a great honor to host delegates from the African Union, Afreximbank as well as speakers and attendees from several African countries. Africa offers new markets for U.S. made products. Similarly, U.S. serves as an untapped market under the African Growth and Opportunity Act (AGOA).” concluded Toyin Umesiri, CEO Nazaru LLC & Founder Trade with Africa Business Summit