Business mogul, Sam Jonah, has called for the removal of non-tariff barriers to facilitate trade on the continent under the African Continental Free Trade Area (AfCFTA).
He further called for the investment in technology, infrastructure, and human capital to boost trading activities.
Speaking at the Korea-Africa Business Summit in Seoul, Sam Jonah wooed Korean companies to expand their operations in Africa.
He said, “By taking advantage of the regional value chains and increased market access provided by the AfCFTA, Korean companies can expand their operations in Africa and increase their market share."
“Today, Africans no longer desire trade that only sees Africa as a market but rather as a partnership that would add value to the domestic economy,” he stated.
The AfCFTA is one of the flagship projects of Agenda 2063. It is a high ambition trade agreement with a comprehensive scope that includes critical areas of Africa’s economy such as digital trade and investment protection, amongst other areas.
By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.
AfCFTA, which came into effect in January 2021, is the largest free trade area globally, covering 55 African countries with a combined population of 1.3 billion people and a combined Gross Domestic Product (GDP) exceeding $3.4 trillion.
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