TMEA & Afrochampions sign partnership to fast track the Africa Continental Free Trade Area
AfroChampions Board Chair, Ali Mufuruki and TMEA CEO Frank Matsaert
TradeMark East Africa (TMEA) and the AfroChampions Initiative (ACI) have signed a partnership agreement committing to provide support to African governments and the private sector in realising the Africa Continental Free Trade Area (AfCFTA). The agreement was signed by Frank Matsaert, TMEA CEO and Ali Mufuruki, Regional Chair, AfroChampions Initiative (ACI).
Both organisations have a common interest in building partnerships that promote economic integration as a strategic growth driver for the African continent. The areas of mutual agreement in the partnership include private sector engagement, strategic advocacy with governments and the private sector and improving access to information.
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Speaking at the event, TMEA CEO Frank Matsaert said, “We are delighted in partnering with ACI to help support the realisation of the largest trade agreement which will increase Africa’s trade, increase GDPs and create jobs. TMEA, is excited to lend its expertise in supporting the realisation of this dream.”
AfroChampions Initiative Regional Chair, Ali Mufuruki said, “AfroChampions is looking forward to engaging further with TMEA to promote the AfCFTA to showcase what a successful Africa will look like and to identify benefits of increased intra-continental trade that can be shared between citizens and countries.”
TMEA and ACI will identify projects of regional or pan-African importance that require investment from African or foreign investors. Both TMEA and ACI will then promote and participate in the successful projects which will be designed to support the regulatory and technical implementation of the Agreement on the AfCFTA.
African leaders from 44 African nations at the African Union Summit from March 17th to 21st 2018 in Kigali, Rwanda, signed the Continental Free Trade Area (AfCFTA) treaty to create the world’s largest single market. The agreement will be the largest trade agreement in history since the creation of the World Trade Organization (WTO).
The pact aims to boost intra-African trade by making Africa a single market of 1.2 billion people with a cumulative GDP over US$3.4 trillion. Under the CFTA, governments will commit to remove tariffs on 90% of goods produced within the continent. The next step for the governments is to ratify the CFTA in their countries within the next 6 months.