The United Kingdom government has launched a £35 million programme to support negotiations and implementation of the African Continental Free Trade Area (AfCFTA).
The AfCFTA Support Programme is meant to complement the UK’s broader partnership with the African Union as a multilateral institution to promote global values.
The International Trade Secretary Anne-Marie Trevelyan disclosed this in a statement during the AfCFTA Secretariat Secretary-General, Wamkele Mene’s visits to London to discuss how the UK can continue its work as a strategic partner to the AfCFTA.
Through the AfCFTA Support Programme, the Foreign Commonwealth and Development Office (FCDO) will provide up to £35 million to provide trade facilitation and trade policy support to the AfCFTA Secretariat and the Member States through TradeMark East Africa (TMEA), overseas Development Institute (ODI) and other regional partners.
The International Trade Secretary Anne-Marie Trevelyan said that “As an independent free-trading nation, the UK strongly supports the AfCFTA – the largest free trade area in the world. We’re keen to see continued momentum in outstanding negotiations and in the practical implementation of the agreement on the ground. This new aid programme shows that trade is a force for good, and will lead to increased trade, investment, and prosperity for both Africa and the UK.”
Responding to the gesture, the Secretary-General of the AfCFTA Secretariat Wamkele Mene expressed gratitude to UK Government for the support.
“We are pleased to receive this support from the Government of the UK, as it ushers us into a partnership for strengthening cooperation related to customs and trade facilitation and trade policy across the African continent.
“This new AfCFTA support programme is, therefore, timely to facilitate the implementation of the AfCFTA, through supporting national implementation committees and regional economic communities
“In the last five years or so, we have seen the re-engineering of our Regional Economic Communities, to take into consideration the aspirations that are embedded in the AfCFTA instruments. We have also witnessed during this period the enthusiasm and the energy of our private sector to rise to the occasion and begin to exploit what is provided for in the Agreement.
“Our ambition now is to see commercially meaningful trading in ‘Made in the AfCFTA’ products taking place, across the length and breadth of our continent, to create jobs and economic opportunities for Africans, especially women and the youth. We want to make trade easier for the Africans, in particular, our women and young Africans who trade across our borders.”
According to UK’s Minister for Africa, Vicky Ford “Closer integration between African economies boosts growth across the continent creates opportunities and helps lift people out of poverty.
“The UK is a committed partner in this mission. This UK funding will promote long-term partnerships between African countries and support a more prosperous, greener continent. I am delighted to be supporting the AfCFTA Secretariat and its Member States to deliver freer and fairer trade systems in Africa.”
According to the statement, “For UK businesses, the trade bloc will remove market access barriers by creating a single continental market, making it easier and more cost-effective for UK businesses to export goods and services across the 54 AfCFTA member states. Support for projects in Africa from UK Export Finance is also at its highest in decades, backing a range of infrastructure projects in countries from Côte d’Ivoire to Uganda, with more than £2.3 billion of financing.”
As the world’s largest free trade area, the AfCFTA has the potential to boost Africa’s economic growth by driving industrialisation, generating jobs and delivering prosperity across the continent.
The AfCTFA is expected to lift 30 million people out of poverty, create jobs, and provide new commercial opportunities for businesses across Africa and the UK.
PIAK
