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Boost Production to Take Advantage of AfCFTA

‘Boost Production to Take Advantage of AfCFTA’ January 6, 2021 Many African Countries including Zimbabwe have pinned their hopes for economic revival on the African Continental Free Trade Area (AfCFTA) agreement that came into force on January 1, 2021. The AfCFTA which was initially set to commence on July 1, 2020 but delayed due to the coronavirus seeks to boost intra-Africa trade. As of December 2020, 54 countries had signed the agreement, while 34 countries have deposited their instruments of ratification, according to Wamkele Mene, the AfCFTA secretary general. If implemented fully, the trade pact could boost regional income by 7 percent or US$450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035, according to the World Bank.

African free trade area: Business urges caution

The Zimbabwe Independent SHAME MAKOSHORI ZIMBABWE’S industries said this week authorities must address a cluster of hurdles that have discouraged foreign direct investment inflows from the world’s biggest corporations, as the African Continental Free Trade Area (AfCFTA) comes alive in January 2021. In an interview with businessdigest, Confederation of Zimbabwe Industries (CZI) president, Henry Ruzvidzo said while relaxation to trade barriers present opportunities for domestic industries to export into the larger market, authorities will have to work around the clock to lead companies into Africa. “We need to move with speed to address all concerns over doing business in Zimbabwe to attract investors and the Zimbabwe Investment Development Agency (ZIDA) has its work cut out,” Ruzvidzo said.

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