African Trade ministers meeting in the Democratic Republic of Congo have agreed to fast-track policies, that will promote trade within the continent.
This in an effort to reduce their reliance on foreign markets.
The move comes a few weeks after the United States imposed a 10% tariff on imports from African countries.
Fifty-four trade ministers from across the African continent converged on the DRC capital Kinshasa for the 16th Council of Trade Ministers of the African Continental Free Trade Area.
Their free trade bloc seeks to create a single market for goods and services across Africa.
Economists, policymakers and the DRC President Felix Tshisekedi attended and called for the implementation of policies that promote trade on the continent.
AfCFTA Secretariat Head, Wamkele Mene says, “One of the challenges that remains ahead of us which we have to confront with the support of our heads of states and the assembly of heads of states at the African Union, is the current global context.”
“The current challenging global context where we see fragmentation of geopolitical and geo economic environments, where we see economic nationalism of trade policy for the benefit of just but one member of the global community.”
The tariffs introduced by US President Donald Trump will increase operating costs for African exporters.
Many of whom have been relying on preferential trade agreements like the African Growth and Opportunity Act (AGOA) to access US markets.
Now, African leaders are seeking to strengthen their partnerships and reduce trade barriers to address the challenge.
But they face logistical and political challenges to realize their goal. – Reporting by Chris Ocamringa