The East African Business Council (EABC) has trained over 50 SMEs in partnership with the Team Europe Technical Assistance Facility. The training aimed to support the AfCFTA and Continental Economic Integration (EU-TAF) and enhance understanding of the African Continental Free Trade Area (AfCFTA).
The training also covered critical elements such as the Guided Trade Initiative (GTI), the AfCFTA Adjustment Fund, and strategies for value chain integration. This marked a significant step towards economic integration in Africa.
The two-day workshop convened over 50 participants from sectors such as agro-processing, imports, manufacturing, arts and crafts, professional services, business membership organisations, and sectoral associations. Attendees were trained on the opportunities under the Guided Trade Initiative, the AfCFTA Adjustment Fund, and EAC value chain integration under the AfCFTA, with support from the EU-TAF for AfCFTA and continental economic integration.
The African Export-Import Bank (Afreximbank) and the AfCFTA Secretariat have established the AfCFTA Adjustment Fund, headquartered in Rwanda. The fund supports countries and private entities in transitioning to the AfCFTA trading regime through financing, technical assistance, grants, and mitigation funding.
SMEs also engaged in value chain analysis discussions to improve their products and services. This is with a focus on identifying gaps and opportunities to enhance operational efficiency, resource utilization, financial performance, product quality, and sustainable competitive advantage within the AfCFTA framework.
In his remarks Geoffrey Kamanzi, Trade in Services Manager at EABC, noted that Kenya’s imports of goods from Africa reached USD 1.9 billion. He highlighted the transformative potential of the AfCFTA, aimed at connecting approximately 1.3 billion people and creating a combined GDP of USD 3.4 trillion. Kamanzi called for swift implementation of the AfCFTA. He urged member states to eliminate tariffs on 90% of goods, emphasising the need for digitalisation and compliance with standards to foster successful partnerships.