Page 9 - Afcfta News Today

With an estimated 58 million population, South Africa is the 25th largest country in the world. South Africa welcomed and fully supported the adoption by African nations of the African Continental Free Trade Agreement (AfCFTA) which we believe will contribute tremendously in pursuit of economic integration of our continent towards the attainment of our vision: Agenda 2063, the Africa We Want.

As nations move towards economic prosperity as a priority in the 21st century, the eight South African Development Community countries aspire to join the five-nation BRICS grouping. Dammu Ravi, Secretary (Economic Relations) in the Ministry of External Affairs spoke on the need to partner with Africa and the potential for concessional financing arrangements for companies wishing to expand.

Multilateral development banks have to leverage the private investments needed for the continent but that is not happening.

Last month, Kenya and Uganda agreed to extend the SGR from Naivasha to Kampala.

In his address, Dr. Evelyn Ngige, Permanent Secretary, Federal Ministry of Industry, Trade and Investment who was represented by Mr. Suleman Audu, disclosed that GTI will integrate Micro, Small & Medium Enterprises into a bigger supply chain as they don’t have to start going through the process of obtaining facilities beyond their reach.

Trade among the East African Community (EAC) partner states surged to a record $10.9billion last year, thanks to swift removal of the notorious barriers.

"Economic diversification must continue to be Africa’s objective."

TPSF has called for increased use of technology in tax issues.

Kagame pointed out the pandemic, climate change, and the impact of geopolitical tensions have reversed decades of progress.

This is a 20 per cent jump in earnings over the same six months period last year.