Seychelles has commenced its second national workshop on the African Continental Free Trade Area (AfCFTA), focusing on the development of an implementation strategy. Participants include trade officials, stakeholders, and representatives from international organizations. The AfCFTA aims to facilitate trade among African countries, promising economic benefits such as job creation and increased competitiveness for Seychelles.
Seychelles has convened its second national workshop on the African Continental Free Trade Area (AfCFTA), aiming to fortify its strategy for implementing this vital agreement. Since ratifying the AfCFTA in 2021, Seychelles has sought to create a unified market for goods and services among African nations, encouraging trade, investment, and the establishment of a customs union. During the workshop, various stakeholders gathered to review the draft strategy, with notable support from consultants and international agencies. In the workshop, Veronique Brutus, senior trade officer at the Department of Trade, emphasized the importance of collaboration and feedback from participants to ensure the strategy effectively meets the needs of the nation. Minister of Finance, Naadri Hassan, articulated the significance of a participatory approach in developing the National AfCFTA Implementation Strategy, underlining its potential to stimulate industrialization, job creation, and overall competitiveness in the African market. Held at the Berjaya Beau Vallon Bay Resort, the event included representatives from multiple sectors and international organizations like the United Nations Economic Commission for Africa (UNECA) and the German development company GIZ. The AfCFTA aims to enhance intra-African trade, presenting Seychelles with opportunities for local businesses to broaden their market reach and secure valuable partnerships across the continent. Sujitha Sekharan from UNDP highlighted the transformative potential of the agreement, which simplifies trade interactions between Seychelles and its African neighbors. As of August 2024, the AfCFTA has garnered the signature of 54 African nations, with 48 ratifications, signifying broad support for economic integration across the continent.
The African Continental Free Trade Area (AfCFTA) was established to facilitate trade among African nations by creating a unified market for goods and services. Ratified by Seychelles in 2021, the agreement aims to break down trade barriers, enhance the movement of people, and stimulate economic collaborations across the continent. In the context of Seychelles, engaging effectively with the AfCFTA is deemed essential for realizing significant economic benefits, including increased industrialization and job creation, particularly in a region known for its diverse economic potential.
The second AfCFTA national workshop in Seychelles represents a critical step in implementing the agreement that promises substantial economic benefits for the nation. By fostering a collaborative approach and utilizing insights from various stakeholders, Seychelles aims to develop a robust implementation strategy that facilitates trade expansion, enhances competitiveness, and aligns with its National Development Strategy 2024-2028. Furthermore, the AfCFTA stands to unlock new markets for local businesses, driving economic growth and investment opportunities.
Original Source: www.seychellesnewsagency.com
