Connect with us

Hi, what are you looking for?

Business

Is South Africa a threat to Africa Free Trade Area?

*SA Truck drivers block roads amid commemoration of AfCFTA

The African Continental Free Trade Area (AfCFTA) was commemorated on Tuesday, the same day truck drivers in the continent’s second biggest economy – South Africa – blocked trucks from travelling to other countries.

The blockade, which was declared unlawful by the Pretoria High Court ended in some trucks being torched, as some South African drivers demand an end to employment of foreign drivers.

Nonetheless, the SADC Executive Secretary, Dr Stegomena Lawrence Tax, said that continental integration will greatly contribute to the realization of “our forefathers’ dream of a united, and prosperous Africa”, once fully operationalized.

In her statement on the commemoration of AfCFTA Day on July 7th, she said that the continent has 55 countries with a combined population of 1.2 billion people, with a Gross Domestic Product of USD3.4 trillion. 

“It aims to create a single continental market for goods and services, with free movement of business persons and investments. It also aims to expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation across Regional Economic Blocs and Africa in general,” she said.

Advertisement. Scroll to continue reading.

Lawrence Tax added that if implemented effectively, the AfCFTA will enhance competitiveness at the industry and enterprise level, through the facilitative cross border infrastructure, as well as, the exploitation of opportunities for scale production, continental market access, and effective allocation of resources.

“The AfCFTA is also to address fragmentation of the continent’s trading system that currently operates under exclusive blocs, which has always raised concerns over the distortions imposed by multiple and overlapping membership”.

She said that the continent’s participation in the global value chain remains lowest, with export basket dominated by primary commodities and natural resources, accounting for less than 3 percent of world trade.

“Currently, at 15 percent, intra Africa trade compares unfavourably to Europe (68 percent), North America (37 percent), and Latin America (20 percent). Under the AfCFTA, intra African trade is projected to rise to 52 percent by 2040, and Africa will have a combined consumer and business spending of USD6.7 trillion by 2030.”

Dr Lawrence Tax emphasized that AfCFTA will have a significant impact on manufacturing and industrial development, tourism, intra-African cooperation, and economic transformation.

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Advertisement

You May Also Like

News

*76 year old man says his 71 year old wife cannot be trusted *Questions surround their marriage under Community of Property

Sports

The Kazungula Bridge Marathon has welcomed more sponsors to their fold as the dates for the event approaches. With First National Bank Botswana (FNBB)...

News

Family fallout over land sold to bury father When Maun-based businessman, Balothanye Pelaelo died from Covid-19 complications on 9 August last year, he left...

News

A Headman of Records at Mokgenene village is accused of indecently assaulting his girlfriend by tearing off her undergarment in the presence of the...

News

Court frees defilement convict who did not know the girl’s age It cannot be defilement if you did not know age’- High Court Five...

News

*How Covid-19 widows found healing in collective grief *Support group transforms sorrow into solidarity Since the advent of the pandemic, 2 534 deaths have...

News

Molepolole Police are investigating a rape case in which a man allegedly raped a mentally disturbed man at Palamaokue ward in Lentsweletau village. Confirming...

News

Police in Thamaga are worried by the increasing cases of fraudsters and swindlers impersonating public servants. According  to Deputy Station Commander, Busang  Malope, they ...

News

GBV and divorce discussed in detail to find old solution to new problem Although the idea of an annual ‘Men’s Conference’ is widely seen...

News

A 30-year-old Tonota man looking for a donkey has made an ass out of himself after allegedly threatening to kill his mother when she...

Politics

ARE YOU HAPPY WITH DEVELOPMENTS IN YOUR AREA SO FAR? Two years and two months after the general elections, some Members of Parliament, especially...

News

Family of drowned Moshupa children dismiss talk of the supernatural With widespread speculation of the supernatural doing the rounds in Moshupa, rumours pounced upon...

Business

Sourcing epic content for UPICtv This week’s Boss is Mahatma Ramoloko, a Content Sourcing Specialist at UPICtv, an online video service established in October...

News

Maun businessman, Daniel Pretorious of Beef Boys Meat Market, this week appeared in court suspected of buying stolen cattle. Testifying in court on Tuesday,...

News

Competition Authority approves partial BCL acquisition The Competition and Consumer Authority (CCA) this week unconditionally approved the acquisition of certain assets belonging to BCL...

International

Whipped Warriors exit AFCON with a whimper A few years back, then South Africa’s Sports Minister, Fikile Mbalula referred to their national team, Bafana...

Advertisement

Copyright © TheVoiceBW. (Since1993) made with ❤️ in Botswana.