President Muhammadu Buhari, yesterday inaugurated the National Action Committee for the Implementation of the African Continental Free Trade Area Agreement chaired by the minister of Industry, Trade and Investment, Niyi Adebayo.
This is even as he noted that Nigeria’s approach to ACFTA has been very measured and consistent because, as Africa’s largest economy and most populous nation, she cannot afford to get it wrong. He therefore directed all key ministers and senior government officials to provide maximum support to the committee, even as he said he expects the first of quarterly report in March 2020.
His words: “The African Continental Free Trade Area Agreement is an important part of the African Union – 2063 Agenda to promote economic and social integration on the continent. We are very hopeful of creating a single African market for “Made -in- Africa” goods and services. This trade, together with free movement of people and capital will result in faster integration of African economies.
“As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices. Nigeria’s approach to the African Continental Free Trade Area Agreement has been very measured and consistent. Our logic was simple, as Africa’s largest economy and most populous nation, we cannot afford to get it wrong.”
The President said before signing the agreement, all key stakeholders were consulted. According to him, signatories conducted a rigorous impact and readiness evaluation. “It was after these consultations and studies, and satisfactory reports that I signed the African Continental Free Trade Area Agreement on behalf of Nigeria in July this year. We know the benefits and understand the challenges. It is clear that for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans.
“This therefore requires aligning, restructuring existing development projects, programme and initiatives. Where there are gaps, we must address them. Accordingly we have established the National Action Committee on AfCFTA.
He noted that the committee’s mandate is to support the efforts of ministries, departments and agencies of government, stakeholder associations and businesses to realize the benefits of the AfCFTA, while putting measures to address any threats that may arise. “All parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy,” he said. “I have directed all key ministers and senior government officials to provide maximum support to your committee.”
In his remarks, the minister of industry, trade and investment, explained that the ACFTA Agreement seeks to create a single market for goods and services and movement of persons to spur economic growth, enhance welfare, create jobs, and deepen integration amongst African countries. The agreement which he said is being negotiated in two phases, comprises framework agreement, the protocols for trade in goods and trade in services and the mechanism for dispute resolution. “Phase II negotiations will start in January 2020 and will focus on investment, competition policy and intellectual property rights.”
Adebayo said the mandate of the committee includes: conclusion of a common undifferentiated ECOWAS schedule of concessions for trade in goods and trade in services for AFCFTA and Common External Tariff (CET) negotiations; championing programmes to resolve the critical continental level challenges such as smuggling and abuse of rules of origin, production capacity constraints as well as border and trade rules enforcement conclusion of the ongoing trade reforms programmes at ECOWAS including: adoption of a common trade policy. The Sun
