W A M K E L E M E N E
S E C R E T A R Y - G E N E R A L O F T H E A F C F T A
Source : Esther Azaa Tankou ( Head of Information Division ) African Union
African industries have the opportunity to double production to nearly $ 1 trillion within a decade , with three- quarters of that growth coming from manufacturing to substitute imports and meet increasing local demand . This , he said , is a period of unprecedented challenge to the global economy and the multilateral trading system , on which the global economy is anchored . “ The multilateral trading system is under severe strain , largely due to what appears to be an abandonment of the rules that underpin it . This strain on the multilateral trading system has the risk of reversing the modest gains that we have made in placing development at the centre of the multilateral trading system , since we launched the Doha Development Agenda in 2001 . Africa ’ s response against this strain on the multilateral trading system must be to consolidate and advance our
continental market integration objectives , through the AfCFTA . Under the leadership of President Issoufou , our collective priority should be to rapidly conclude Phase I and II of the negotiations of the AfCFTA , in order to unlock Africa ’ s full productive capacity .” Underscored SG Mene . The second challenge to the global economy according to the new AfCFTA SG is the ongoing Corona Virus scourge , which has ravaged global economic activities , causing a materially adverse impact on global capital markets , severely disrupting trade and global supply chains , and of course creating a negative effect on global public health . Mr . Mene however underlined that Africa should not despair and fall into despondency . “ Through the AfCFTA we have an opportunity to reconfigure our supply chains , to reduce reliance on others and to expedite the establishment of regional value chains that will boost intra- Africa trade .” He said .
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