President Kenyatta calls for reforming of Africa trade policies

President Kenyatta calls for reforming of Africa trade policies

President Uhuru Kenyatta has urged African countries to reform trade policies at national, regional and continental levels to be in tandem with rules and regulations governing an enlarged free trade area.

President Kenyatta said strengthened trade facilitation will reduce the costs and time for movement of goods and people across borders.

“Let us also enhance and diversify production capacities in order to add value to Africa’s primary commodities and boost regional and continental value chains,” said the President.

Kenyatta – who was speaking during the launch of negotiations on the Continental Free Trade Area (CFTA) by African Union chair President Robert Mugabe of Zimbabwe at Sandton International Convention Centre, Johannesburg, South Africa – called for promotion of trade-related infrastructure, improved access to financing and establishment of frameworks for viable continental payments systems through banking and export guarantee systems.

“CFTA means a lot to Africans. Jobs for the youth, peace and security, prosperity, self-reliance and meeting only to discuss our prosperity and not problems.”

The CFTA, spanning three economic blocs of Africa i.e. SADC, the EAC and the COMESA, will aid intra-trade by creating a market of 625-million people with a gross domestic product of more than $USD 1 trillion.

CFTA is envisaged as a stepping stone to the continent-wide free trade area by 2017 after more than a decade of plus-five percent a year growth on average in African economies.

“Pooling economies and markets together through regional integration will provide a sufficiently wide market space to make economies of scale possible for African industries and allow Africa to play its rightful role in the global market,” added Kenyatta.

He noted that CFTA will boost intra Africa trade besides promoting regional and continental integration adding that it will also develop larger markets, foster greater competition which in turn will result in poverty reduction, growth and sustainable development.

“Kenya welcomes road map for achieving CFTA by 2017, with the underlying principle being to build upon the current levels of tariff liberalization amongst Regional Economic groupings (RECs) and existing achievements of the RECs,” the President said.

 

Kenyatta calls for reforming of Africa trade policies

 

President Uhuru Kenyatta has urged African countries to reform trade policies at national, regional and continental levels to be in tandem with rules and regulations governing an enlarged free trade area.

President Kenyatta said strengthened trade facilitation will reduce the costs and time for movement of goods and people across borders.

“Let us also enhance and diversify production capacities in order to add value to Africa’s primary commodities and boost regional and continental value chains,” said the President.

Kenyatta – who was speaking during the launch of negotiations on the Continental Free Trade Area (CFTA) by African Union chair President Robert Mugabe of Zimbabwe at Sandton International Convention Centre, Johannesburg, South Africa – called for promotion of trade-related infrastructure, improved access to financing and establishment of frameworks for viable continental payments systems through banking and export guarantee systems.

“CFTA means a lot to Africans. Jobs for the youth, peace and security, prosperity, self-reliance and meeting only to discuss our prosperity and not problems.”

The CFTA, spanning three economic blocs of Africa i.e. SADC, the EAC and the COMESA, will aid intra-trade by creating a market of 625-million people with a gross domestic product of more than $USD 1 trillion.

CFTA is envisaged as a stepping stone to the continent-wide free trade area by 2017 after more than a decade of plus-five percent a year growth on average in African economies.

“Pooling economies and markets together through regional integration will provide a sufficiently wide market space to make economies of scale possible for African industries and allow Africa to play its rightful role in the global market,” added Kenyatta.

He noted that CFTA will boost intra Africa trade besides promoting regional and continental integration adding that it will also develop larger markets, foster greater competition which in turn will result in poverty reduction, growth and sustainable development.

“Kenya welcomes road map for achieving CFTA by 2017, with the underlying principle being to build upon the current levels of tariff liberalization amongst Regional Economic groupings (RECs) and existing achievements of the RECs,” the President said.

 

PSCU contributed to this story