Posted on December, 17, 2018 at 10:23 am
The African Union (AU) Commissioner for the Department of Trade and Industry, Albert M Muchanga, said that the IATF is a biannual fair held regularly in an African country, stressing that they are moving closer towards activating the Continental Free Trade Area (CFTA).
The Commissioner made the statement during the Intra-African Trade Fair 2018 that is currently underway in Cairo, Egypt.
“The AU considers all the agreements which can enable us to achieve progress in Africa,” Muchanga added.
He called on all member countries to sign the CFTA, urging different African trade ministers to cooperate towards achieving what Africans want.
Analysis by the African Export- Import Bank (Afreximbank) shows that one of the main reasons why intra-African trade is low at around 15% compared to Europe (59%), Asia (51%), and North America (37%) is because of lack of access to trade and market information. To address this challenge, Afreximbank decided to, among other initiatives, convene the Intra-African Trade Fair every two years to provide trade and market information and connect buyers and sellers from across the continent.
The Intra-African Trade Fair is the first of its kind in Africa, consisting of a 7-day trade show that provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals. It provides an opportunity for exhibitors to showcase their goods and services, engage in Business to Business (B2B) exchanges and conclude business deals.
IATF provides a platform for entry into a single market of over one billion people joined together under the African Continental Free Trade Area.
Primary Objectives of the Intra-African Trade Fair,to bring together continental and global players to showcase and exhibit their goods and services, and to explore business and investment opportunities in Africa,to serve as a marketplace where buyers and sellers of goods and services meet and explore business opportunities,to provide a platform for B2B exchanges and development of business opportunities,to share trade, investment and market information with stakeholders including investors, SMEs, the informal sector, Africans in Diaspora, and to identify solutions to address the challenges affecting intra-African trade
Others are For Afreximbank and other financial institutions, to share information about their trade finance and trade facilitation interventions that will support intra-African trade,to discuss topical issues affecting intra-African trade and provide practical and effective solutions and to deploy multi-country and multi-company pavilions that will serve as one-stop shop for intra-African trade and investment opportunities in Africa
The Trade Fair will contribute towards the bank’s objective to increase intra-African trade from USD170 billion in 2014 to USD 250 billion and by so doing, ensure that intra-African trade share of Africa’s total trade reaches 22% by 2021.
“Conservatively, intra-Africa trade is a USD 6 trillion opportunity for Africa in the short term and USD 12 trillion in the long term” (Amy Jadesimi: Forbes, May 23 2017).
Afreximbank will use the Trade Fair as well as other interventions to assist the continent to realise its trade potential and achieve positive transformation for Africa.
Source: IPP Media