African Ministers of Trade are in Gaborone, Botswana, to deliberate on the regulation of Special Economic Zones on the continent, among other key topics. The 11th AfCFTA Council of Ministers Meeting taking place from February 11 to 12, will also address outstanding rules of origin on Textiles and Automobiles as well as the operationalization of the African Continental Free Trade Area (AfCFTA) Dispute Settlement Mechanism. ALSO READ: Industrialists report growth as Rwanda seeks more manufacturers According to experts, the AfCFTA holds great promise to help least developed countries recover and accelerate growth. The 11th Meeting of the AfCFTA Council of Ministers Responsible for Trade has kicked off this morning in Gaborone, Botswana. The purpose of the meeting is to deliberate on the report of the Senior Trade Officials which was held from the 6th to the 9th of February. #AfCFTA2023 pic.twitter.com/O5ZW7K0a99 — AfCFTA Secretariat Official (@AfCFTA) February 11, 2023 The Economic Commission for Africa's latest empirical assessment of the AfCFTA reform reveals that its successful implementation will positively impact Africa’s GDP, trade and welfare. With the AfCFTA Agreement in place, intra-African trade could be 34% higher in 2045 than without the AfCFTA in the same year. The effective implementation of the AfCFTA Agreement, it is noted, will help Africa industrialize and diversify away from energy and mining. Rwanda in particular aims at boosting its economy by promoting domestic manufacturing capacity through various mechanisms such as incentives and developing industrial zones such as Kigali Special Economic zone and Bugesera Special Economic Zone. Rwanda’s industry consists of mining and quarrying, as well as manufacturing which include food, beverages and tobacco, textiles, clothing and leather goods. Other products include wood and paper; printing, chemicals, rubber and plastic products, non-metallic mineral products, metal products, machinery and equipment, furniture and other manufacturing, water and waste management, and construction. Under the AfCFTA, Rwandan businesses are participating in a pilot phase of the Initiative on Guided Trade to test the legal, environmental, and trade policy basis of intra-Africa trade. As of now, 54 countries have signed the AfCFTA agreement, and it will be up to the respective private sectors to take advantage of the market of 1.2 billion people with a combined Gross Domestic Product valued at $3.4 trillion initialed when the AfCFTA was signed in Kigali in March 2018. The Economic Commission for Africa's latest empirical assessment of the AfCFTA reform reveals that its successful implementation will positively impact Africa’s GDP, trade and welfare. With the AfCFTA Agreement in place, intra-African trade could be 34% higher in 2045 than without the AfCFTA in the same year. The effective implementation of the AfCFTA Agreement, it is noted, will help Africa industrialize and diversify away from energy and mining. Rwanda in particular aims at boosting its economy by promoting domestic manufacturing capacity through various mechanisms such as incentives and developing industrial zones such as Kigali Special Economic zone and Bugesera Special Economic Zone. Rwanda’s industry consists of mining and quarrying, as well as manufacturing which include food, beverages and tobacco, textiles, clothing and leather goods. Other products include wood and paper; printing, chemicals, rubber and plastic products, non-metallic mineral products, metal products, machinery and equipment, furniture and other manufacturing, water and waste management, and construction. Under the AfCFTA, Rwandan businesses are participating in a pilot phase of the Initiative on Guided Trade to test the legal, environmental, and trade policy basis of intra-Africa trade.
