President William Ruto emphasized the need for the implementation of the African Continental Free Trade Area (AfCFTA), which could potentially raise Africa's GDP by $1.4 trillion by 2045.
During the inaugural committee meeting of Heads of State and Government on the implementation of the African Continental Free Trade Area (AfCFTA) held in Addis Ababa, Ethiopia, President William Ruto has called for a decisive shift from negotiation to implementation of the trade agreement. He highlighted that the AfCFTA is crucial for unifying African markets and laying the groundwork for structural economic transformation. President Ruto stated that the agreement aims to boost industrialization and enhance value addition across the continent.
Ruto pointed out that the AfCFTA has the potential to significantly increase intra-African trade, projecting a rise of up to $3 trillion and a cumulative GDP increase of about $1.4 trillion between 2021 and 2045. This economic uplift, according to Ruto, is essential for benefiting Africa's 1.4 billion people by fostering broad-based growth and development throughout the continent. He emphasized that the success of the AfCFTA is contingent upon effective and prompt implementation rather than prolonged negotiations.
The meeting featured discussions with other African leaders, including Presidents Évariste Ndayishimiye of Burundi and Duma Boko of Botswana. Their collective efforts and commitment to the AfCFTA will be pivotal in realizing its ambitious goals of regional integration and economic prosperity. The emphasis on moving towards practical steps will be critical to harnessing the benefits of the treaty and ensuring a collaborative economic future for Africa as a whole.
