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Business News of Monday, 12 July 2021

Source: www.ghanaweb.com

AfCFTA Secretariat signs MoU with African Shippers Council

AfCFTA Secretary-General, Wamkele Mene with the President of African Shippers Council play videoAfCFTA Secretary-General, Wamkele Mene with the President of African Shippers Council

• AfCFTA has been operational since January 1, 2021

• So far, some businesses have traded successfully under this Free Trade Area

• An agreement has been signed between AfCFTA Secretariat and African Shippers Council to enhance the free flow of goods across the continent

The African Continental Free Trade Area (AfCFTA) Secretariat has signed a Memorandum of Understanding (MoU) with the African Shippers Council to facilitate trading process in Ghana.

According to AfCFTA Secretary-General, Wamkele Mene this agreement will solve the problems associated with the transportation and clearing of goods at the ports.

These challenges, he said slow down inter African trade.

Addressing journalists in Accra on Friday, July 9, Mr. Mene said, "Transportation of goods, clearance of goods through customs and customs procedures are very important factors in the implementation of this agreement. As a secretariat, we are not in the position to address these challenges alone, we would have to work with the private sector and that is why the engagement and the collaboration with the Union of African Shippers Council is so very important."

Wamkele Mene said the new agreement between the Shipping Council will help the secretariat to achieve its objectives.

He also said AfcFTA has the potential to increase intra-African trade by 22 percent of total trade by 2023 following this agreement.

AfCFTA has a market of 1.3 billion people with a total Gross Domestic Product (GDP) of $3.4 trillion.

AfCFTA Secretary-General urged African governments to sensitize their citizens, especially private businesses on the impact of AfCFTA on their businesses.