Hailing African free trade agreement, Guterres says UN ready to support continent’s ‘leap into history
New York, Mar 23 (JEN): United Nations Secretary-General António Guterres has welcomed the singing of a continental free trade agreement in Africa that has created one of the world’s largest trading blocs with over 50 countries.
“I congratulate African leaders for taking the leap into history by signing the African Continental Free Trade Area,” said Guterres in a statement on Thursday.
“This is an important step towards achieving the Sustainable Development Goals (SDGs) and delivering on the African agenda of peace and prosperity.”
In the statement, Secretary-General Guterres also underscored that the entire UN system stands ready to support the continent as it moves towards the entry into force of the Free Trade Area in the coming months.
He also applauded the leadership of President Paul Kagame of Rwanda, President Mahamadou Issoufou of Niger and the Chairperson of the African Union Commission, Moussa Faki Mahamat, who led the process for the agreement.
According to the UN Economic Commission for Africa (ECA), the Organization’s development arm in the region, the agreement has the potential both to boost intra-African trade by 52.3 per cent by eliminating import duties, and to double this trade if non-tariff barriers are also reduced.
It is expected that the key beneficiaries from the Free Trade Area will be Africa’s small and medium sized enterprises, which account for 80 per cent of the region’s businesses; women, who represent 70 per cent of the informal cross-border traders; and the youth, who will be able to find new employment opportunities.
Jonathan Ernst/World Bank
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
