Minister of Commerce, Trade and Industry Christopher Yaluma has announced that the commencement of the African Continental Free Trade Area (AfCFTA) agreement will be effected on January 1st, 2021.
Mr. Yaluma disclosed that the official launch of the AfCFTA will take place at a virtue event which will be graced by the African Union (AU) Chairperson, South African President Cyril Ramaphosa and the AU Secretariat, Ghana President Nana Akuffo Addo.
Speaking at a media briefing in Lusaka, Mr. Yaluma indicated that the development entails that AU Member States will now trade with each other across regional blocks under a single preferential trading regime.
The Minister was happy that Member States remained resolute to ensuring that the African free trade zone was a success even under the restrictions due to the Coronavirus pandemic.
He noted that the establishment of the AfCFTA is part of the AU’s wide agenda to boost intra Africa trade and contribute to the attainment of the envisioned Africa in line with the vision 2063.
“I take this opportunity to signal the launch of the start of trading under the African Continental Free Trade Area (AfCFTA) Agreement scheduled to commence on January 1st, 2021. The launch of the start of trading under AfCFTA is a culmination of years of intense negotiations by AU Member States, work which is still going on,” Mr. Yaluma explained.
The Minister however disclosed that among the 55 Member States, Zambia is one of the 21 countries that have not yet deposited their instruments of ratification.
Mr. Yaluma stated that the country has been given Cabinet approval to ratify the agreement but that it is currently under consideration by parliament for approval.
He revealed that Zambia became a signatory to the framework agreement establishing the AfCFTA since February 10, 2019.
Mr. Yaluma told the media that even when the country is signatory to a number of configurations, there is need for more efforts at sub regional level in order for the country to get a fair share of trade openness especially within SADC and COMESA.
He was optimistic that the creation of AfCFTA may result in trade creation but that it was necessary to put in place conditions to avoid Zambia being a dumping ground.
He noted that his Ministry has continued to engage with the private sector who are the main drivers of the economy, adding that this is the only way the country can benefit from the free trading area.
“The Ministry looks forward to continued collaboration with various arms of government, the private sector and civil society on matters relating to AfCFTA so that decisions taken are owned by all segments of the Zambian society,” the Minister mentioned.
The AfCFTA was officially launched on March 21, 2018, in Kigali, Rwanda. As of December 2020, 54 AU Member States had signed the AfCFTA agreement.
A very important step in the right direction. Free trade is fundamental and vital for the real independence and economic growth of the entire continent. If there’s one thing that African nations can learn from the effects of the pandemic, it is the importance of trade amongst themselves. With a regional trade network in place, the African economy can still thrive despite closed international broders.
Shed more light on this Hounorable. We don’t understand it.
Zambia is one of the countries that have not yet deposited the instruments of ratification. Thats a fancy way of saying we haven’t paid our contribution yet.
With virtually no export factories, we’ve yet to benefit fully from our membership of COMESA, SADC. Even preferential export concessions to US markets have not been exploited. The chinese however have cleverly set up facilities in chibombo purely focussed on this opportunity, only downside is that proceeds will go to china.
This is excellent. It has Come at the right time when South African’s continue to be xenophobic. Time for Zambians to explore other markets. Let South Africa feel the competition.
Africa is uniting. This is a threat to the evil imperialists and the diasporans who worship the ground they walk on.
Christopher Yaluma is an empty suit
Good day
We are looking for competent people to represent the newly created African Industrialization Council (AIC) in Zambia, we are in the process of appointing representatives in each and every African country who will bring all manufacturers big or small and importers to the platform, where all African buyers and African sellers will meet , please note that we only promote products produced in Africa. **