Signing AfCFTA giant stride forward for the development of Africa: ECA’s Vera Songwe

Abstract

“With the signature of the Kigali Declaration for the Launch of the African Continental Free Trade Area, Africa makes a giant stride forward in continental integration, in the pan-African vision, and in the development of our continent”, said Vera Songwe, the Executive Secretary of the ECA. Speaking during the official signing ceremony today in Kigali, Ms. Songwe noted that this historical moment shows the resolve of African leaders to bring the continent’s diversity together and make the flagship project of the African Union Agenda 2063 a reality. She thanked all UN agencies for their support and said that the ECA was “honoured to be associated with this great and historic moment”. The ECA Executive Secretary also urged Member States to promptly ratify the AfCFTA, recalling that the agreement will only enter into force once a sufficient number of countries have ratified the agreement. ECA estimates that AfCFTA has the potential both to boost intra-African trade by 52.3% by eliminating import duties, and to double this trade if non-tariff barriers are also reduced.