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vesuvius india limited (520113) signs major deal ✌️【Career Counseling】✌️ Expert stock predictions and free stock selection services to help you achieve optimal returns and long-term growth. Africa is home to the world’s largest free trade agreement, in terms of number of countries, territory, and population – the African Continental Free Trade Area (AfCFTA). Fifty-fourof 55 African Union member countries have signed up to the deal which covers a market of1.3 billion peopleand a combined GDP of $3.4 trillion.

It aims to boost economic growth, intra-African trade and investment across the continent, but although it was established in February 2020, implementing the agreement has been slow.

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Eleni Giokos: When you took on the job as Secretary General, did you think it was going to be this intense to create so many different standards across the continent, and what was the most challenging aspect of putting this all together?

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EG: In 2022, seven countries chose to pilot the African Continental Free Trade Area. How is that going, how is that being adopted, are you seeing the actual implementation?

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EG: A lot of people in the private sector say they don’t really feel the impact of the African Continental Free Trade Area. They don’t, frankly, think it’s working. What do you say to that?

vesuvius india limited (520113) signs major deal ✌️【Career Counseling】✌️ Free stock data analysis tools to help you select stocks accurately and capture global market trends. Stay ahead with expert market predictions for better investment returns. WM:We are integrating a market of 47 countries. The private sector is, as I always say, a co-pillar and a co-driver of market integration on the continent because it’s the private sector that trades. What I would say to them is this: we are overcoming 60 years of market fragmentation. It’s not going to happen overnight. And we know this from the experience of the European Union, which is arguably the most successful market integration model in the world today. It is (31) years since the establishment of the European Union, and yet it still continues to have challenges.

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EG: Here’s one of the most controversial issues. Aliko Dangote has been talking about the fact that he needs35 visas to travel across the African continent. If the richest man in Africa can’t get around easily, who can? How does this hinder people doing business cross-border?

vesuvius india limited (520113) signs major deal ✌️【Career Counseling】✌️ AI-driven stock trend forecasting with free access to real-time market data, offering personalized investment advice and expert predictions. WM:It’s a significant barrier and constraint to intra-Africa trade and intra-Africa investment.There are only four countries that to date have ratified the African Union’s protocol on movement of persons – only four countries. There is an emotional instinct against allowing movement of persons in some countries. In some countries there are legitimate national security concerns. So, we have to work hard to make sure that we convince countries about the importance of moving in the same direction on free movement of persons whilst at the same time addressing the national security concerns that those individual countries have.

EG: Can we even be having this conversation on integration if we don’t actually focus on infrastructure that links the continent up?

vesuvius india limited (520113) signs major deal ✌️【Career Counseling】✌️ Real-time stock market data, precise predictions, and investment strategies to help you optimize your portfolio and achieve financial success. WM:More needs to be done to enable the continent of Africa to have the infrastructure that we need so that these goods can transit through borders seamlessly, efficiently, based on the rules that we have agreed to. So, we look forward to the operationalization of the Lobito corridor (a railway project that links link Angola, Zambia, and the Democratic Republic of Congo).All of these trade corridors that are embedded on world-class infrastructure will enable our continent to take drastic steps in boosting intra-Africa trade.

It’s not just about the trade rules, it’s about establishing the supply chain networks, the transport and logistics infrastructure that will support trade.

EG: It’s five years from now: What kind of conversation do you hope to be having with me about where we are?

vesuvius india limited (520113) signs major deal ✌️【Career Counseling】✌️ Free expert predictions on stock trends and real-time data to help you make informed decisions and grow your wealth steadily. WM:I think that what I’ve learned over the last four years in this position is that you have to be extremely patient. If in five years time we can demonstrate that we have moved intra-Africa trade from let’s say 15% to 25% or 30%, that will be a very important step forward.

I think we can double intra-Africa trade in the next five years, provided we introduce the tools that are required. So in other words, payment, ensuring that there is ease of access to intra-Africa payments; ensuring at the very minimum (there is) trade supporting infrastructure, particularly in the trade corridors (between) Central Africa, Eastern Africa, Northern Africa; and then third, we combine all of that with the political will and the rules that have been negotiated to create the single market. I believe that we’re going to get there.

In 2018, many (people) around the world, including on the continent of Africa, were saying that these Africans will negotiate forever and that the AfCFTA shall never be signed. And then of course, the AfCFTA was signed in Rwanda in 2018. Then they said it’ll never be ratified, and a year later the agreement was ratified – now 47 countries have ratified it. Now they’re saying that it shall not be implemented. In October, 37 countries will demonstrate implementation when they showcase the goods and the certificates of origin that they are trading in. At every milestone, there’s a new goal post for us to meet.

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