AfCFTA’s Secretary-General Call for Economic Independence and Self-Reliance
His Excellency Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), has urged African nations to seize the opportunity to transform current global trade challenges into a platform for deeper continental economic integration and self-reliance. This call to action emphasizes the importance of strategic partnerships and the role of legal institutions in shaping Africa’s trade future.
Key Initiatives and Achievements
Functional Dispute Settlement Mechanism: Establishment of a functional dispute settlement mechanism to resolve trade disputes efficiently.
Protocols for Women and Youth in Trade: Progress on the Protocols for Women and Youth in Trade to promote inclusive trade practices.
Digital Trade Framework: Development of a new digital trade framework in collaboration with the U.S. Chamber of Commerce and the Tech Alliance.
Pan-African Payment and Settlement System: Operationalization of a pan-African payment and settlement system to reduce trade costs and empower small and medium-sized enterprises (SMEs).
Africa’s Strategic Importance
Africa is poised to play a critical role in the emerging global industrial revolution, particularly in the production of critical minerals like lithium. Three of the top five global producers of lithium are African nations, positioning the continent as a key player in the transition toward electric vehicles and clean energy.
Partnerships and Cooperation
The AfCFTA Secretariat has signed a Memorandum of Understanding (MoU) with the National Bar Association of the United States to strengthen cooperation and support legal capacity building. This partnership aims to foster investment ties with U.S. stakeholders and promote mutual, respectful partnerships.
Africa’s Growing Influence
With Africa’s population projected to become the world’s youngest by 2050, and its market potential exceeding $6.1 trillion in consumer and business spending, the continent is poised for significant growth and influence. Mene calls on African leaders and partners to align policies with the continent’s growing influence and untapped capabilities, emphasizing the importance of equal partnerships and Africa standing tall in global trade.
