Posted on March, 18, 2022 at 08:48 am
On September 9, last year, Tanzania made the bold move of ratifying the protocol that established the African Continental Free Trade Area (AfCTA).
Indeed, this was a clear demonstration of the country’s commitment to continental initiatives aimed at bringing about swifter development.
Stage 1 negotiations were concluded in 2018, leading to the creation of AfCTA, which is the world’s largest free trade area in terms of participating member states, with a combined gross domestic product of $3.4 trillion, and serving about 1.3 billion people.
Tanzania is now engaging fellow AfCTA members that have already ratified the protocol on how best trade stakeholders can interact, and remove address any bottlenecks.
This will enable stakeholders in Tanzania to explore business opportunities in various sectors, including agriculture, finance, services and manufacturing.
As these plans are being implemented, it is crucial to conduct mass education in Tanzania to ensure that all players are well informed so that they can grab business opportunities presented by AfCFTA.
Tanzania should also put in place policies that will enable the AfCTA protocol to run smoothly for the benefit of its people and others on the continent.
Experts are of the view that the pact will boost intra-African trade by around 52.3 percent. This will, indeed, have a significant impact on the development of the continent and its people, particularly in the area of human development.
AfCFTA is the first step in the implementation of AU Agenda 2063: the “vision” for an integrated, prosperous and peaceful Africa. In this case, its nature is crucial as it sets forth an arrangement to promote the empowerment of ordinary people across the continent.
Data shows that it has the potential of lifting some 30 million people out of extreme poverty, while raising incomes of 68 million people who currently live on less than $5.50 a day.
Hence, we urge the government to live by its commitment to AfCTA, and ensure Tanzanians benefit fully from the arrangement.
Source: The Citizen