ESWATINI DARES TO INVENT FUTURE OF AFCFTA

MBABANE – Eswatini promises to be among countries who want to dare to invent the future of the AfCFTA.

Prime Minister Russell Mmiso Dlamini (PM) said the kingdom has already declared readiness to trade under the African Continental Free Trade Area (AfCFTA) and has joined the Guided Trade Initiative which will pave the way for Eswatini traders to actively participate in the African commercial activities. “We are looking forward to receiving the Secretariat in the Kingdom to continue with engagements under this initiative,” said the PM. Dlamini made his remarks during the second edition of the AfCFTA Business Forum, rebranded, the Biashara Afrika 2024, a landmark initiative under AfCFTA.

The meeting is held at the Kigali Convention and Exhibition Village from October 9-11, 2024. The PM said convening in Kigali today for the second edition of the business forum marks a crucial step in our journey towards economic integration in Africa. He said reflecting on their path, they recall the historic milestones that have shaped the AfCFTA from the seeds planted by the Abuja Treaty to the comprehensive framework established by boosting the intra-African trade initiative that culminated to the historic signing of the AfCFTA agreement in 2018.He said this was envisioned by founding fathers in 1963 in Addis Ababa and further embodied in the ambitious Agenda 2063. These efforts represent the realisation of a long-held dream to unify the continent in many fronts.

Confront

Dlamini said despite these accomplishments, we must confront a stark reality: Africa accounts for only 3 per cent of global trade and intra-African trade stands at a mere 15 per cent. He said these figures are not just statistics; they are a call to action. “They highlight the immense untapped potential that our continent holds and underscore the urgent need for transformative solutions,” he said. He highlighted that the COVID-19 pandemic has devastated African economies and disrupted global value chains, exposing the perils of vaccine nationalism and the need for resilient local production capacities.

He said conflict, from the ongoing strife in some parts of the continent and beyond, continues to hinder progress both in terms of economic growth and social stability. He said moreover, the calamities of climate change that manifest in floods and other natural disasters continue to challenge ability to sustainable development and growth in the continent.Dlamini said the operationalisation of the AfCFTA now stands as a source of pride and hope for the continent. According to studies by the World Bank, if properly implemented, the agreement could lift 30 million people out of extreme poverty.

Unlocking

He said this landmark initiative holds the key to unlocking new opportunities for young people and women, fostering job creation, promoting regional and continental value chains in sectors such as manufacturing and agriculture, thus enhancing value addition across diverse economies.“In recognition of this potential, I pledge to rally my fellow leaders at the upcoming African Union (AU) Summit to champion the full and faithful implementation of the AfCFTA. “We must expedite the conclusion of negotiations on critical sectors such as automobiles and textiles. I, therefore, urge those countries that have not yet deposited their instruments of ratification of the agreement to do so without delay.  

Shared

“Let us move forward together with renewed vigor and a shared commitment to transform the promise of the AfCFTA into tangible prosperity for all Africans,” he said. Dlamini added that the continent’s future hinges on its leaders’ unity and ability to fulfill the promises made to people. He said utilising the vast natural resources of countries is essential for stimulating economic development. “We must use these resources more efficiently and collaborate on sharing expertise and technology to mitigate foreign exploitation. Such measures are vital for poverty alleviation, job creation and technological advancement. Enhanced cooperation among African countries is crucial to drive our continent’s development towards economic independence, and the AfCFTA is a significant step in that direction,” he said.

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