The Chief Executive Officer of Gambia Chamber of Commerce and Industry (GCCI), Mr. Alieu Secka has disclosed that 54 African nations have committed to join the Africa Continental Free Trade Agreement (AFCFTA).
Mr. Secka revealed this while presiding over the official opening of a one day Information sharing forum recently organised by the Network of Financial and Tax Reporters (NFTR) – Gambia Chapter.
The forum was held at GCCI conference hall in Bijilo.
According to him 33countries have ratified the agreement “so far many lack the customs procedures and infrastructure to facilitate tariff-free trade.”
Mr Secka said the perspectives of the business which operate in the region, and are excited about how the Africa Continental Free Trade Agreement (ACFTA) will help achieve the dream of 1.2billion people all across the continent, with a combined GDP of USD 2.5 trillion.
He stated further that this, effectively, is the World largest free-trade area since the world Trade Organization was formed in 1995, and potentially opening intra-African trade by over 52 percent according to UN Economic Commission for Africa.
For The Gambia, he said it gives tremendous economic of scale especially as a trading nation which re-exports some 80% of her total imports.
“However, we must endeavour to add value to our agricultural produce, improve our standards in processing and packaging, as well as train our youth better and more, if we are to fully benefit from this CFTA,” Mr. Secka encouraged members
He disclosed that in West Africa, “since 1979 we already tried ETLS-ECOWAS Trade Liberalization Scheme, which aimed at the operationalization of a free Trade Area.
“The ETLS-ECOWAS mechanism was supposed to ensure the free movement of originating products without the payment of customs duties and taxes of equivalent effect on importation into ECOWAS member states.”
He disclosed further that the chambers of commerce is also responsible and guarantors of another great ECOWAS Protocol on Inter-State Transit Trade and it aimed to promote transport by road of a given Member state to another Member state, and also of goods in suspension of duties and taxes under the cover of a single document.
In conclusion Mr. Secka emphasised on the need for members to seize the chance of 2021 and (CFTA) to make a lasting difference to all. “Let’s change mindsets of our officials, and tell them from now on, that they are Africans, not Gambians, Senegalese or Guineans.