South Africa Takes a Historic Leap: Launches First AfCFTA Shipment and Preferential Trade, Leading the Way for Regional Economic Transformation
On the sidelines of the 13th AfCFTA Council of Ministers being held in South Africa, President Cyril Ramaphosa today officiated at the ceremony to launch South Africa’s first shipment and preferential trade under the African Continental Free Trade Area (AfCFTA) in the port of Durban, in the province of KwaZulu-Natal.
South Africa is the first amongst the four SACU countries to practically realise the AfCFTA Agreement.
The successful implementation of the AfCFTA is expected to lead to diversification of exports, increased productive capacity, acceleration of growth, increased investment, increased employment opportunities and incomes and most importantly broaden economic inclusion both in South Africa and the rest of the Continent. It provides South African exporters with new market access opportunities to key markets in the African Continent and can unlock growth.
The 37th African Union Ordinary Session of the Assembly of Heads of State and Government will at its annual convention in February 2024 take stock of the progress made thus far in the implementation of the AfCFTA.
In his speech, President Cyril Ramaphosa said: “ The African Continental Free Trade Area creates the world’s largest free trade area by number of countries, and has the potential to bring transformative change and tremendous opportunities to African economies and businesses. “
“The implementation of the African Continental Free Trade Area will accelerate the development of regional and local value chains, offering investors access to a population of 1.7 billion people with a fast-growing continental GDP” he added.
President Cyril Ramaphosa was accompanied by Minister of Trade, Industry and Competition, Ebrahim Patel; Premier Nomusa Dube-Ncube; AfCFTA Secretary General, Wamkele Mene; among dignitaries that includes the AfCFTA Council of Ministers.
