CFTA to strengthen and sustain economies – GNCCI

The Ghana National Chamber of Commerce and Industry (GNCCI) has indicated that the Continental Free Trade Agreement (CFTA) is very critical in the continent which will strengthen and sustain development of the Africa economy.

According to the chamber, the CFTA will bring about enhanced market opportunities, legal certainty and predictability for service suppliers in entering and operating in the other party’s market. It will also cover investment market access and provide for investment protection as well as boost trade and promote economic prosperity.

Forty-four countries on March 21, 2018, signed the Africa Union free trade agreement which is to help deepen intra-African trade, which is currently estimated at 12%.

The Continental Free Trade Agreement will in the long run increase intra-Africa trade by over 50%.

As part of the efforts to boost intra-African trade, the Ghana National Chamber of Commerce in collaboration with the United Nations Economic Commission for Africa (ECA) and the Africa Trade Policy Centre (ATPC) is undertaking a project of enhancing the capacity of the business community in ECOWAS for boosting intra-African trade.

In a press briefing Thursday afternoon the president of the chamber Nana Dr Appiagyei Dankawoso I stated that the project will create a platform for information sharing for the key stakeholders.

He said it will promote the application of ECOWAS Common External Tariff (CET) and ECOWAS Trade Liberalization Scheme (ETLS) through capacity building on the utilization of user’s guide and ETLS.

He added it will “Increase the awareness of 30 members of the business community and member companies of each of the 15 national Chambers of Commerce in the ECOWAS region about CFTA and influence the position of ECOWAS commission on CFTAs negotiations.”